More news from crazy upside-down land (Japan): interest rates in Japan went negative over the weekend.

Bankers said the rate on overnight call money traded between banks dropped to minus 0.01 percent and minus 0.02 percent for January 27-28. By borrowing at a negative rate, borrowers, thought to be foreign banks on Friday, pay back less than the amount borrowed. For the lender, the operation is a way to reduce yen exposure at a time when confidence in the Japanese banking system is low.