Bank of Japan hikes rates to 31-year high
The Bank of Japan hiked its benchmark interest rate to a 31-year high in a bid to battle rising inflation. Pressure on policymakers to tighten monetary policy 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 its ultra-loose monetary policy.
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- The Bank of Japan raised interest rates to a 31-year high.
- The hike aims to counter rising inflation.
- An oil-price spike from the West Asia crisis added to the pressure.
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