BoJ Boosts Rates to 31-Year High Amid Inflation Fears

The Bank of Japan has raised interest rates to their highest level in 31 years. The Policy Board decided at its two-day meeting to increase the rate from 1 percent to 1.25 percent, a move that was widely expected.

The decision aims to combat inflation concerns, which have been exacerbated by higher import costs due to the yen's decline against the US dollar and rising crude oil prices resulting from the Middle East conflict.

Seven members of the Board voted in favor of the rate hike, while two opposed it. The Bank last raised its interest rate in June.