The Bank of Japan raised its benchmark interest rate to 1%, the highest level in three decades, according to Israeli media reports citing the central bank's decision.
The Bank of Japan raised its benchmark policy rate to 1% on Tuesday, according to reports carried by Israeli media. The rate, the highest since 1995, marks a significant step in the central bank's gradual exit from decades of ultra-loose monetary policy. The move follows a series of rate increases over the past year as Japan grapples with rising inflation and a weakening yen. No further details on the vote or forward guidance were immediately available.
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