Bank of Japan hikes rates for the first time in 17 years

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Asia Pacific

Bank of Japan hikes rates for the first time in 17 years

Japan until last week, had one of the world's most aggressive monetary easing programmes to boost bank lending and spur demand. But on Tuesday, the country's central bank ended eight years of negative interest rates. The Bank of Japan had been reluctant to raise rates, fearing any potential deflationary cycle driven by low consumer demand. But recent wage hikes have signaled the country’s economy can grow without aggressive stimulus. Emre Boz reports.