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Yen slides after Bank of Japan stuns markets with negative rates

Section: Daily Dispatches

By Anirban Nag
Friday, January 29, 2016

The yen was on track for its biggest daily fall against the dollar in over a year on Friday after the Bank of Japan stunned markets by joining a handful of major central banks in adopting negative interest rates.

The turmoil in markets since the start of the year on fears of slowing global growth, collapsing oil prices, and wobbles in China's economy has driven investors to seek safety in the yen, making the BOJ's 2 percent inflation goal ever harder to reach.

The BOJ said it would apply a negative interest rate of minus 0.1 percent on selected current account deposits that financial institutions hold with it, effectively charging banks interest for parking excess deposits at the central bank. ...

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