Bank of Japan hikes rates to 31-year high
The Bank of Japan raised its benchmark interest rate to a 31-year high in a bid to battle inflation. The central bank acted under mounting pressure to tighten monetary policy further, after a spike in oil prices caused by the West Asia crisis added to price pressures. It ranks among the notable global monetary-tightening moves of the period.
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Major central-bank rate actions and their drivers appear regularly in banking/economy current affairs.
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- The Bank of Japan hiked its policy rate to a 31-year high to fight inflation.
- The move followed pressure from an oil-price spike tied to the West Asia crisis.
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