Japanese central bank raises interest rate for first time in 17 years

Kazuo Ueda, the governor of the Bank of Japan, speaks during a press conference (Kyodo News via AP)

Japan’s central bank has raised its benchmark interest rate for the first time in 17 years, ending a policy of negative rates meant to boost the economy.

The Bank of Japan’s lending rate for overnight borrowing by banks was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy.