The Bank of Japan raised its short-term interest rates to 0 to 0.1% from -0.1%, ending its negative interest rate policy in 2016. Inflation in Japan exceeded the BOJ's 2% target for over a year due to rising import prices and wage gains from "Shunto" negotiations hitting a three-decade high. It also abolished its yield curve control policy of targeting long-term bond yields. However, it will continue monthly government bond purchases of around 6 trillion yen or $39 billion. The BOJ is phasing out its asset purchase program by ceasing the purchase of ETFs and J-REITs and planning to end corporate bond and commercial paper purchases within a year.