BOJ Hikes Interest Rates to 31-Year High Amid Inflation Concerns

The Bank of Japan (BOJ) has raised its interest rates to a 31-year high of 1.25%, in a move aimed at preventing inflation from overshooting its target of 2%. This decision was made by a 7-2 vote, with Board members Toichiro Asada and Ayano Sato dissenting.

The increase comes after a two-day policy meeting that ended on Friday. BOJ Governor Kazuo Ueda is expected to hold a news conference at 3:30 p.m. (0630 GMT) to explain the decision.