Bank of Japan Raises Interest Rates to 31-Year High Amid Inflation Concerns
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The Bank of Japan (BOJ) has raised its policy interest rate to 1.25%, the highest level in 31 years, in a bid to combat rising inflation. The decision, which comes amid soaring crude oil prices and a weakening yen, was made with a majority vote of 7-2. This marks the sixth rate hike under Governor Kazuo Ueda and the shortest interval between rate hikes since 1990. The BOJ has signaled its readiness to continue tightening monetary policy as needed.
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