Bank of Japan raises rates to 31-year high
The Bank of Japan raised interest rates to a 31-year high in a bid to battle inflation. Pressure on officials to tighten monetary policy further had increased after a spike in oil prices triggered by the West Asia crisis. The move signals a shift by a major central bank long known for ultra-loose policy toward firmer inflation control.
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Major central-bank rate action is examinable in international-economy sections.
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- The Bank of Japan raised interest rates to a 31-year high.
- The stated aim is to battle inflation.
- An oil-price spike from the West Asia crisis added pressure to tighten.
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