BoJ slashes key rate below zero in contentious decision

Haruhiko Kuroda, BoJ governor

The Bank of Japan (BoJ) cut a key interest rate below zero today (January 29), a surprise move only approved with a narrow majority, after a 5-4 split on the board.

The BoJ said it would slash rates on certain excess reserves in current accounts with the central bank by 20 basis points to –0.1%, effective from February 16.

"Going forward, the [central] bank will pursue monetary easing by making full use of possible measures in terms of three dimensions: quantity, quality, and interest [rates],"

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