BOJ raises interest rates to 31-year high in widely expected move

The Bank of Japan raised interest rates to a 31-year high on Tuesday, a widely expected move that signalled its focus on countering inflation risks from the Middle East conflict.

At a two-day meeting that ended on Tuesday, the central bank decided to raise its short-term policy rate to 1.0 percent from 0.75 percent by a 7-1 vote.

It was the first rate increase since December and brought the BOJ's policy rate to levels unseen since 1995.

Governor Kazuo Ueda, who is hospitalised for medical treatment, missed the meeting and did not vote. Deputy Governor Shinichi Uchida will hold a news briefing on Ueda's behalf at 3:30 p.m. (0630 GMT) to explain the policy decision.

Reuters

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