BoJ sees operational issues dampen negative rate effect

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The combination of a negative interest rate and asset purchases is "contributing to smoother financial system functioning" in Japan, but its effects are being constrained by "several factors", according to a Bank of Japan (BoJ) report.

The BoJ introduced a negative interest rate on a portion of excess reserves in January, adding to its existing quantitative and qualitative easing (QQE) programme. The financial system report, published today (April 22), notes the policy mix has helped push market

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