Japanese central bank raises interest rate for first time in 17 years

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Japan’s central bank has raised its benchmark interest rate for the first time in 17 years, ending a policy of negative rates meant to boost the economy. The Bank of Japan’s lending rate for overnight borrowing by banks was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy. Advertisement It was the first rate hike since February 2007. The negative interest rate policy, combined with other measures to inject money into the economy and keep borrowing costs low, “have fulfilled their roles”, Bank...