The Bank of Japan (BOJ) raised interest rates to a 31-year high on Tuesday, in line with market expectations, as the central bank focuses on battling inflation risks from the US-Iran war in the Middle East.
The BOJ decided to raise its short-term policy rate by 25 basis points (bps) to 1.0% from 0.75% by a 7-1 vote at a two-day meeting that ended on Tuesday.
It was the first rate increase since December. The Bank of Japan’s policy rate now stands at levels unseen since 1995.
(More to come)