Bank of Japan Raises Interest Rate to 31-Year High of 1.25%
Central bank cites inflation risks as it lifts benchmark rate from 1 percent, its highest level in three decades
The Bank of Japan raised its benchmark interest rate to 1.25 percent from 1 percent, according to Al Jazeera, marking the highest level for the rate in 31 years.
The central bank said the move was intended to help counter risks from rising inflation, Al Jazeera reported.
The rate hike represents a continuation of the Bank of Japan's gradual shift away from the ultra-loose monetary policy it maintained for decades, as policymakers respond to persistent price pressures in the Japanese economy.
Further details on the central bank's policy statement, including its outlook for future rate decisions, were not immediately available.
Sources
- Bank of Japan raises rates to 31-year high of 1.25% as inflation rises — Al Jazeera — All
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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