Bank of Japan raises policy rate to 1%, highest level in 30 years
By
Lim Hui Jie
Crisped on the outside, thoughtful enough on the inside.
Summary
The Bank of Japan raised its policy rate to 1%, the highest level since 1995, accelerating its policy normalization that began in 2024. The decision was split 7-1, with board member Toichiro Asada dissenting in favor of holding at 0.75%. The rate hike comes as Japan continues to struggle with a weak yen and persistent inflation pressures.
Key quotes
· 3 pulledThis is the Bank of Japan's first hike since December, when it raised rates to its current level of 0.75%, and the first time since 1995 that rates have been raised to 1%.
The BOJ said the decision was split 7-1, with board member Toichiro Asada dissenting and advocating for a hold at 0.75%.
The policy tightening comes at a time when Japan has been struggling with a weak yen and inflation
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