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Tokyo: The central bank of Japan has increased the interest rate for the first time in 17 years. According to foreign media, the Bank of Japan has announced to increase the interest rate from negative 0.1 percent to between 0 and 0.1 percent. After the increase in the interest rate, there is no country left in the world where the interest rate is negative.
Negative interest rates mean that the public has to pay banks to keep money in the banks. Earlier this month, Japan’s major companies announced a 5.28 percent pay rise, the highest in three decades. The biggest increase is Wages in Japan have not increased significantly since the late 1990s due to modest increases in commodity prices.