By Alimat Aliyeva

The Bank of Japan has decided to end its long-standing policy of negative interest rates, Azernews reports, citing foreign media outlets.

The Bank of Japan decided to increase the range of short-term interest rates from 0 to 0.1 percent. It was the last major central bank in the world to abandon the policy of negative interest rates, raising interest rates after 17 years.

The previous policy of the Bank of Japan contradicted the policies of other central banks, which have sharply raised interest rates over the past two years to combat inflation caused by the coronavirus pandemic, the war in Ukraine and supply chain problems.

It should be noted that the soft monetary policy of the central bank of Japan caused a rapid decline in the value of the national currency.