The Bank of Japan has raised short-term interest rates by a quarter point, the highest in 17 years, signalling efforts to normalise monetary policy in response to persistent inflation and increasing wages.
The central bank raised the policy rate to “around 0.5 per cent” by a vote of 8-1, concluding a two-day policy meeting on Friday. Toyoaki Nakamura was the only board member to dissent against the decision.
