BoJ spells out operational details for negative rates

Bank of Japan
BoJ main office in Tokyo

The Bank of Japan (BoJ) will review one element of its tiered interest rate policy every three months, it announced today (March 15) as it spelled out the operational details of its new policy.

At the end of January, the BoJ announced it would apply an interest rate of –0.1% on certain excess reserves held in current accounts at the central bank. To that end, it has divided the current accounts into three tiers.

The first tier is the 'basic balance'. The average outstanding balance of current

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