BOJ scraps negative rates in sweeping policy overhaul

TOKYO -- The Bank of Japan on Tuesday conducted a sweeping policy overhaul, scrapping its negative interest rate policy as it bets that Asia's second-largest economy is now emerging from a protracted period of disinflation.

The BOJ's policies have stood in contrast to other central banks, which have raised rates sharply over the past two years to combat inflation sparked by the COVID pandemic, the Ukraine war and supply chain issues.