The Bank of Japan announced Friday it was imposing a negative interest rate for the first time, an effort to jumpstart the Japanese economy out of years of stagnation.
The bank's governor, Haruhiko Kuroda, said the measure was intended to bolster business confidence and consumer spending. It's also a weapon to fight deflation, which has long dogged Japan as consumers held off on spending in expectation that prices would fall.
In addition, Kuroda said, global economic worries prompted the bank to introduce the negative interest rate.
"Global financial markets have been volatile against the backdrop of the further decline in crude oil prices and uncertainty such as...