Tokyo, 15 July 2026 – Japan’s landmark 2016 decision to introduce negative interest rates is returning to focus as investors reassess the limits of central-bank policy, board consensus and market communication during periods of economic uncertainty.
The decision, made under former governor Haruhiko Kuroda, marked one of the most controversial moments in Japan’s long battle against deflation. The central bank introduced a negative interest rate of minus 0.1% on part of financial institutions’ current-account balances, adding a new interest-rate dimension to its existing quantitative and qualitative easing framework.
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