Bank of Japan Hikes Interest Rate to 31-Year High Amid Inflation Concerns

The Bank of Japan has taken a significant step to combat inflation by increasing its interest rate to 1.25%, marking a 31-year high.

This move, made during a two-day policy meeting, was met with a 7-2 vote from the board members.

Notably, Governor Kazuo Ueda will address the decision in a forthcoming press conference at 3:30 p.m. (0630 GMT).