What is the impact of Japan's end to the era of negative interest rates? Institutions: The stock market is expected to continue to rise with little impact on studying abroad and tourism. By implementing negative interest rates to stimulate the economy and reverse deflation, the Bank of Japan's seven-year large-scale economic experiment has finally come to an end. On March 19th, the Bank of Japan, the only bank in the world still implementing a negative interest rate policy, announced its first rate hike in 17 years, keeping interest rates within the range of 0% to 0.1%.