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Trillions of Yen Pile Up at Negative Rates in Bets on BOJ Shift
Japan’s biggest commercial banks are letting money accumulate in negative interest-rate accounts at the central bank — another sign that the world’s last sub-zero rate policy is coming close to the end. When the Bank of Japan started charging -0.1% interest on certain accounts where lenders parked excess funds eight years ago, policymakers got the result they wanted: cash flowed elsewhere, to more productive parts of the financial system, supporting the BOJ’s campaign to revive the economy and spur inflation. That changed in recent months, with the latest data for December indicating that the nation’s major ... (full story)
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