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. Officials faced growing pressure to tighten monetary policy further after a spike in oil prices caused by the West Asia crisis, underscoring how global energy shocks are pushing central banks toward tighter policy.
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Major central-bank rate decisions are standard international-economy questions.
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- The Bank of Japan hiked rates to a 31-year high.
- The move aimed to battle inflation.
- Oil-price spikes from the West Asia crisis added pressure to tighten.
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