The Bank of Japan (BOJ) started its policy of negative interest rates Tuesday. The BOJ will charge banks 0.1 percent for parking additional reserves with the central bank under the new policy. The aim is to encourage banks, businesses and savers to spend and invest. About 10 trillion yen, or 88 billion US dollars, in bank funds will be initially subject to the negative interest rate. Some analysts already deem the plan a failure because of Tokyo’s lack of options to spur growth.
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