Japan's central bank raised interest rates to their highest level in more than three decades, tightening monetary policy as the country grapples with inflationary pressures and a weakening yen.
The Bank of Japan increased its benchmark short-term policy rate by 25 basis points to 1%, marking the first rate hike since December and bringing borrowing costs to their highest level since 1995. The decision was approved by a 7-1 vote at the conclusion of the bank's two-day policy meeting, according to Reuters.
