Japan: the yen plunges to 34-year low despite interest rate hike

By Richard Werner, Professor of Banking and Economics, University of Winchester

The Bank of Japan (BoJ) raised interest rates for the first time in 17 years on March 19, bringing an era of negative interest rates to an end. The key rate was hiked from –0.1% to a band from zero to 0.1% – a token effort to offer some tightening after decades of loose but unsuccessful monetary policy.

Despite the adjustment, Japan remains the major economy with the lowest interest rates in the world. In my opinion, the move is not designed to end Japan’s monetary policy dilemma; instead, it confirms…

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