Bank of Japan hikes rates for first time since 2007

The Bank of Japan (BOJ) announced on Tuesday the end of its negative interest rate policy and increased borrowing costs for the first time in 17 years. The negative rates were a part of Japan's aggressive monetary easing program.

It was Japan's first interest rate hike since 2007 and marks an end to a prolonged period of ultra-loose monetary policy aimed at stimulating the economy. After a two-day policy meeting, the central bank's policy board decided to lift its short-term policy rate from -0.1 percent to between zero and 0.1 percent.