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Bank of Japan Raises Interest Rates for First Time Since 2007

The Bank of Japan raised interest rates for the first time since 2007. The target rate for overnight loans was increased from a range of -0.1% to 0% to a range of 0% to 0.1%, indicating the end of the bank’s negative interest rate policy. Additionally, it abandoned yield-curve controls, signaling a shift in monetary policy direction. Despite these changes, Governor Ueda Kazuo emphasized the continued maintenance of accommodative financial conditions. The bank will continue to purchase approximately ¥6 trillion ($40 billion) in government bonds monthly.