Bank of Japan introduces negative interest rate for first time

Japan cut its benchmark rate to -0.1% in the hope it will encourage banks to lend and counter the country's ongoing economic slump, the BBC reported. The move, which is a first for the world's third largest economy, means the central bank will charge commercial banks 0.1% on some of their deposits. The decision came after a 5-4 vote at the bank's first meeting of the year on Friday. It added it would "cut interest rates further into negative territory if judged as necessary" in pursuing its target of achieving an inflation of 2%. The country's core inflation rate stood at 0.1% i...