BoJ Set to Hike Rates to 31-Year High Amid Global Inflation Fears

The Bank of Japan (BoJ) is poised to raise interest rates to a 31-year high tomorrow, marking a significant shift in its monetary policy. This move would be the first hike in three months and take interest rates closer to levels deemed neutral by the BoJ.

The decision comes as part of the global effort to combat inflation pressures driven by soaring oil costs. The BoJ's action will likely join other major central banks in raising borrowing costs, further deviating from decades of ultra-low rates that made the yen a cheap funding currency globally.