BOJ Pushes Rates to 31-Year High in Bid to Hit 2% Inflation Target

Japan's central bank, the Bank of Japan (BOJ), has raised its benchmark interest rate to 1.25%, marking a 31-year high.

According to Governor Kazuo Ueda, the move is aimed at achieving the central bank's 2% inflation target in a stable manner.

Despite the increase, the yen weakened into the 157-per-dollar range on September 18. This has led some to question whether the BOJ will moderate its pace of tightening in future rate hikes.