The Bank of Japan (BoJ) shocked the financial markets on Friday by cutting interest rates into negative territory in attempt to end a decade of low growth.

The BoJ announced they will now charge commercial banks for depositing money at the central bank. The BoJ is already printing 80 trillion yen per year and appears on course to be the first central bank to destroy it currency. Unsurprisingly following the announcement the yen fell sharply against the U.S.

Haruhiko Kuroda the BoJ’s governor said he was ready to extend the size of the banks money printing program and cut rates further if the economy fails to respond.

Following the 2008 economic crisis central banks across the globe and slashed interest rates in an attempt to reduce interest repayments and increase lending. Japan will join the central banks of Europe, Switzerland, Denmark and Sweden to impose negative rates. Andy Haldane the Bank of England’s chief economist believes rates in the UK may also have to go negative to stop the next financial crisis.