While stock market investors typically fear rate hikes, Japan's Nikkei seemed to cherish it as the benchmark index crossed 70,000 for the first time even as the country's central bank, Bank of Japan, raised its interest rates to the highest levels seen in 31 years.
The Bank of Japan (BOJ) decided to raise its short-term policy rate to 1% from 0.75%, taking borrowing costs to levels not seen since 1995. This marks the first rate hike announced by the Japanese central bank since December, in line with expectations.
