BOJ Rate Hike Reaches 31-Year High Amid Inflation and Wage Pressures

The Bank of Japan has raised its benchmark rate by 25 basis points to 1.25%, marking the highest level in around 31 years.

This decision comes after a 7-2 vote at the central bank's policy board and follows the country's inflation and wage pressures building across its economy.

The BOJ had last raised rates in June, but this move came sooner than the six-month interval the BOJ had been following since normalization began.