FXStreet (Delhi) – Research Team at Investec, notes that the Bank of Japan has joined the negative rates club by applying a -0.1% rate to excess reserves at the BOJ. Key Quotes “In reality it is not such a dovish step yet, as they are introducing a rather unusual three tier system. The market seemed a little confused and the Japanese Yen weakened on the surprise 5-4 vote, but not as much as one would expect after a negative rate announcement. Perhaps, it's just another sign of deflationary risks forcing pre-emptive policy moves. It added that it was pushing back the timescale to hit its 2% inflation target (for the fourth time since first announcing it) and said that it expected this to be achieved around the first half of the 2017 fiscal year. The BOJ's QE program continues at the same pace, and it added further rate cuts would occur if needed.” For more information, read our latest forex news.