Bank of Japan hikes rates for the first time in 17 years, abolishes yield curve control

Japan's central bank raised interest rates on Tuesday for the first time since 2007 and abolished its yield control curve policy, ending the world's last negative rates regime on early signs of robust wage gains this year.

The BOJ raised its short-term interest rates to around 0 to 0.1% from -0.1%, according to its statement at the end of its two-day March policy meeting. Japan's negative rates regime had been in place since 2016.

In addition, the BOJ also announced the abolition of its radical yield curve control policy for 10-year Japanese government bonds, which the central bank employed to target longer-term interest rates, by buying and selling bonds as necessary.

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