Japan's central bank has raised its interest rates for the first time in 17 years, while also abandoning its yield curve control (YCC) policy.
In this month’s meeting, the country increased base rates from -0.1% to 0%, meaning no country no longer has a negative interest rate.
It comes after the country saw wages increase and its consumer price index remained at 2% in January.
Japan also abandoned the YCC, which has been in place since 2016 and aims to control interest rates through the purchase of government bonds.
Both the UK and US central banks are due to meet this week to discuss rates but are expected to keep them unchanged