On Tuesday March 19, 2024, the Bank of Japan BoJ ended its decade-long measures to beat deflation, and lifted its deposit rate from -0.10%, removed its 10-year bond yield cap and set its new key interest rate at 0.00-0.10%.
The first and historic BoJ rate hike since 2007 came earlier than some forecasts of April. The BoJ’s 2% inflation target is in sight after Japan’s spring wages showed strong salary increases of 5.3% at large firms. Teh BoJ said it is highly likely that wages will continue to increase steadily this year.
Mansoor Mohi-uddin, chief economist at the Bank of Singapore, said that...
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