Konačno, više nema zemlje sa negativnom kamatnom stopom! Centralna banka Japana (BoJ) povećala ključnu kamatnu stopu, prvi put nakon 2007. godine (sa -0,1% na raspon od 0%-0,1%). BoJ je podigla cenu zaduživanja prvi put posle 17 godina. Rast plata uticao je na rast potrošačkih cena (2% u januaru 2024.). Inače, negativne kamatne stope destimulišu ljude na štednju u banci, a podstiču potrošnju. Poslednje u nizu smanjivanja kamatne stope desilo se 2016. godine kada je banka smanjila stopu ispod nule u pokušaju da stimuliše stagnirajuću ekonomiju zemlje. BOJ je napustio politiku kontrole krive prinosa (na snazi od 2016.), prema kojoj je kupovao japanske državne obveznice (čime je kontrolisao kamatne stope). Često je bila na meti kritika jer je time narušavala tržišta sprečavanjem rasta dugoročnih kamatnih stopa. Zato će nastaviti da kupuje državne obveznice kao i ranije (čak i u slučaju da prinosi brzo rastu). Odluka o povećaju kamatne stope došla je sa povećanjem plata radniacima u velikim japanskim korporacijama (za 5,28%, što je najveće povećanje u više od tri decenije) kako bi im pomogle da se nose sa rastućim troškovima života. Strah od inflacije postoji (posle decenija deflacije) pa se zalažu za stimulisanje produktivnosti i domaće tražnje. Rast BDP je pozitivan (u tri uzastopna meseca), dok glavni berzanski indeks Nikkei 225 beleži najveći rast u poslednjih 35 godina.
https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2024/k240319a.pdf
Finally, no more negative interest rate countries! The Central Bank of Japan (BoJ) increased the key interest rate for the first time since 2007 (from -0.1% to a range of 0%-0.1%). BoJ raised the cost of borrowing for the first time in 17 years. Wage growth influenced consumer price growth (2% in January 2024). Otherwise, negative interest rates discourage people from saving in the bank, and encourage consumption. The latest in a series of interest rate cuts happened in 2016, when the bank cut the rate below zero in an attempt to stimulate the country’s stagnant economy. The BOJ abandoned its yield curve control policy (in effect since 2016), under which it bought Japanese government bonds (thereby controlling interest rates). It has often been criticized for distorting markets by preventing long-term interest rates from rising. So it will continue to buy government bonds as before (even if yields rise rapidly). The decision to raise interest rates came as workers at Japan’s major corporations raised wages (by 5.28%, the biggest increase in more than three decades) to help them cope with rising living costs. The fear of inflation exists (after decades of deflation), so they advocate stimulating productivity and domestic demand. GDP growth has been positive (for three consecutive months), while the main stock index Nikkei 225 has recorded the highest growth in the last 35 years.