Japan Raises Interest Rates for 1st Time in 17 YEARS
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https://www.bbc.com/news/business-68594141
The Bank of the Japan (BOJ) increased its key interest rate from -0.1% to a range of 0%-0.1%. It comes as wages have jumped after consumer prices rose.
In 2016, the bank cut the rate below zero in an attempt to stimulate the country's stagnating economy.
The hike means that there are no longer any countries left with negative interest rates.
When negative rates are in force people have to pay to deposit money in a bank. They have been used by several countries as a way of encouraging people to spend their money rather than putting it in a bank.
