Banking

The Bank of Japan (BOJ) raised its main interest rate from -0.1% to between 0% and 0.1%. In 2016, the BOJ made the rate less than zero to help Japan’s economy.

The decision to raise rates depended on big companies increasing their workers’ wages to deal with the higher cost of living. Recently, Japan’s biggest companies agreed to increase wages by 5.28%, the largest increase in over 30 years. Wages had not increased since the late 1990s as prices rose very slowly or even fell.

Blockchain refers to an expanding list of blocks where each one contains records. They are secured and linked to each other using cryptography. Within each block, you will find at the most basic level a hash of the previous block, timestamp, and the transaction data.

The origins of the blockchain technology are mysterious. Legend has it that Satoshi Nakamoto wrote the bitcoin white paper, developed bitcoin, and was behind the implementation and deployment of the original bitcoin.

A number of Japanese banks are set to launch a new national digital currency in a bid to wean citizens off cash, the Financial Times reports.

The FT says that a consortium led by Mizuho Financial Group and Japan Post Bank plan to launch the new digital currency in time for the Tokyo 2020 Olympics.

The new project, which has the support of Japan's central bank and regulators, aims to develop technology to allow Japanese people to pay for goods and services with their smartphone.