BoJ Raises Interest Rates to 31-Year High Amid Global Rate Hikes

The Bank of Japan (BoJ) is set to raise interest rates for the first time in three months, taking borrowing costs to a 31-year high. This move marks another step away from decades of ultra-low rates that cemented the yen's status as a cheap global funding currency.

Other major central banks are also joining in on raising interest rates, with the European counterpart having already made a similar hike and the US Federal Reserve expected to tighten later this week. The focus is now on how far BoJ governor Kazuo Ueda will signal readiness to keep pushing up borrowing costs.