Bank of Japan Hikes Interest Rate to Highest Level in Three Decades

Japan's central bank, the Bank of Japan, raised its benchmark interest rate to 1.25%, marking the highest level in 31 years.

The decision was made after a two-day monetary policy board meeting and has been widely anticipated by global markets.

Bank of Japan Governor Kazuo Ueda noted that the Japanese economy is recovering gradually, with inflation close to the targeted 2%.

Ueda also mentioned the need for more time to monitor price stability, wage growth, and other risk factors before considering further rate hikes.