Japan Lifts Interest Rates to 31-Year High as Oil Prices Ease on Saudi Pipeline Hopes

Japan's central bank has raised interest rates to their highest level in 31 years, according to a report from The Guardian's business live blog, as policymakers continue efforts to bring inflation under control.

The move comes as central bankers in several economies grapple with persistent price pressures, the report said, though it did not specify the exact size of the rate increase or the bank's stated rationale beyond the broader aim of fighting inflation.

In Britain, retail sales rose, the same report noted, offering a signal on consumer spending even as the country's monetary and fiscal authorities navigate a similarly inflation-focused environment.

Separately, oil prices fell on Thursday morning, with Brent crude dropping about 2% to $102.55 a barrel, according to the report. The decline followed hopes that supply disruptions originating in Saudi Arabia may prove less severe than initially feared.

The report cited unspecified sources saying Saudi authorities hope to bypass a damaged section of the kingdom's 1,200-kilometre East-West Pipeline and restore roughly half of its capacity within days, which appeared to ease market concerns about a prolonged supply shortfall.

The Guardian's live blog said it would continue to provide rolling coverage of these and other economic and financial developments throughout the day.