The Bank of Japan board Friday voted to introduce a negative interest rate policy in a 5 to 4 vote while keeping its monetary base target at ¥80 trillion annually in an 8 to 1 vote.
The move was aimed at ensuring that consumers move away from a "deflation mindset" and included a statement that lower interest rates on excess reserves would be considered if needed.
The BoJ cited unstable global financial markets and depressed crude oil prices to delay the estimated timing of achieving 2% sustained inflation by six months, the third delay in the past 10 months.
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