BOJ Raises Key Rate, Sends Yen Plummeting to 3 Decade Low

The yen has fallen to its lowest level against the US dollar in over three decades after the Bank of Japan raised its key interest rate to a 30-year high.

This significant move by the central bank aims to combat inflation and stabilize the economy. The increase in interest rates is expected to reduce borrowing costs and boost economic growth, but it also makes holding yen more expensive.

The decision has had an immediate impact on currency markets, with the yen falling sharply against major currencies, including the US dollar and euro.