, Columnist
The BOJ’s End of History Is Much More Than Less Than Zero
The Bank of Japan finally made its move out of negative interest rates, ending an abomination. Everyone should be grateful
The Bank of Japan lets down its guard.
Photographer: Shoko Takayasu/BloombergThis article is for subscribers only.
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And then there were none. The Bank of Japan really decided to move its policy rate above zero, and so there are no central banks left with negative rates. Following its first hike in 17 years, the bizarre world in which monetary czars paid you to borrow from them is over. The arrival of zero rates two decades ago was greeted with disbelief and horror. Japan has at last extracted itself.