The negative interest rate environment is weakening Japan’s banks — a key transmission valve for stimulating economic growth — the country’s chief financial regulator has warned.
The oblique but unusually critical comments from Nobuchika Mori, a former cheerleader of the country’s Abenomics growth programme, come as central banks across the globe face a backlash, and in some cases unintended consequences, over the unorthodox monetary policy of negative rates.
In Europe and Japan, which joined the negative interest rate club in late January, so-called Nirp has also failed to weaken the currency, with both the euro and yen appreciating in value this year.
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