BOJ Hikes Rates to 31-Year High in Bid to Contain Inflation
The Bank of Japan (BOJ) has raised interest rates to a 31-year high of 1.25% in a widely anticipated move.
At its two-day policy meeting, which concluded on Friday, the BOJ's board voted 7-2 to increase the policy rate from 1%. Board members Toichiro Asada and Ayano Sato were the dissenting voices in this decision.
The rate hike is aimed at preventing inflation from exceeding the central bank's target of 2%.