Trade unions across Japan’s financial sector are abandoning demands for wage rises this year in a sign that negative interest rates are having perverse and unintended consequences for the Bank of Japan.
For the first time in three years, workers at the country’s megabanks — Sumitomo Mitsui, Mizuho and Bank of Tokyo-Mitsubishi UFJ — are not requesting an increase in basic pay, according to union officials and local media.
The move highlights the growing scepticism in Europe and Asia about the fallout from central banks’ experiments with negative rates.
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