Jose Canseco thinks Japan’s negative interest rates are ‘dumb’

jose canseco
Jose Canseco in his prime.

The Japanese central bank’s recent decision to take interest rates into negative territory has plenty of detractors. Former Major League Baseball slugger Jose Canseco is one of the more surprising ones.

The Cuban-American former outfielder tweeted Wednesday that the Bank of Japan’s surprise monetary policy move “is blowing my mind.”

Canseco was known during the late ’80s and early ’90s for his prodigious home run production and speed on the basepaths. But he gained notoriety after admitting to steroid use.

He accused many of the game’s biggest stars of using drugs in a tell-all book titled “Juiced: Wild Times, Rampant ‘Roids, Smash Hits How Baseball Got Big.”

More recently, Canseco has attracted attention for his prolific tweeting. His messages touch on politics and sports, but also crop circles, space exploration, sharks and now Japanese monetary policy.

In a series of tweets, Canseco took aim at the Bank of Japan, which last week cut interest rates to below zero in its latest attempt to drive up prices in an economy that has long struggled with deflation.

The move basically means lenders will be charged to keep money with the central bank. In theory, negative rates encourage banks to lend more and consumers to spend rather than save.

“Who is advising Japan? Forcing banks to lend all ¥ will not get 2% inflation. It creates loanees market with even lower rates,” he tweeted. “Dumb move”

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