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Bank of Japan (BoJ) governor Kazuo Ueda takes part in an interview with a small group of journalists, including AFP, at the BoJ headquarters in Tokyo on May 25, 2023.
Bank of Japan (BoJ) governor Kazuo Ueda takes part in an interview with a small group of journalists, including AFP, at the BoJ headquarters in Tokyo on May 25, 2023.

Photo by Richard A. Brooks / AFP via Getty

  • On Tuesday, Japan's central bank raised interest rates.
  • It marks Japan's first rate hike since February 2007.
  • The markets barely reacted to the decision, which had been widely anticipated.

TOKYO (AP) — Japan's central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy.

The short-term rate 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.

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finance, Japan, finance, interest-rate
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Japan's central bank just raised interest rates for the first time in 17 years