Bank of Japan increases benchmark interest rate to 31-year high

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The Bank of Japan raised its benchmark interest rate by 0.25 percentage points to 1.25%, the highest level in 31 years.
The rate hike was approved by a 7-2 majority on the central bank's board, with two dissents arguing the economy was not strong enough for a raise.
The Bank of Japan cited the growing risk of inflation rising above its 2% target and the historic weakness of the yen as key reasons for the move.
US Treasury Secretary Scott Bessent had recently urged Bank of Japan Governor Kazuo Ueda to take decisive action on monetary policy.
The decision signals the end of Japan's decades-long ultra-loose monetary policy, a shift closely watched by investors and central banks worldwide.

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Named Japan · United States · Ayano Sato · Bank of Japan · Kazuo Ueda · Sane Takaichi · Scott Bessent · Toichiro Asada

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