Japan: negative interest rates

Borrowing money took a new turn in Japan when interest rates (of the Bank of Japan) fell under zero per cent for the first time in history, in order to boost Japan's economy. On June 25, 2003, this rate was minus 0.001%, which means creditors will pay interest to their debtors. Since Japan's banking system is on the brink of total collapse, the bankers are willing to go against one of their most sacred principles, as a last resort.