BOJ Hikes Rates to 31-Year High Amid Inflation Fears

The Bank of Japan (BOJ) has raised its interest rates to a 31-year high of 1.25% in a widely expected move to combat inflation risks.

The decision was made by the BOJ's policy board, with a 7-2 vote in favor of the rate hike. Board members Toichiro Asada and Ayano Sato dissented from the decision.

This marks a significant increase from the previous interest rate of 1%, as the BOJ aims to keep inflation within its target range of 2%.