Bank of Japan Raises Interest Rate to Highest Level Since 2008
The Bank of Japan raised its key policy rate Friday to the highest level in 17 years, as Governor Kazuo Ueda continues his mission to return to central bank orthodoxy.
Ueda and his fellow board members lifted the overnight call rate by a quarter-percentage point to 0.5% at the end of a two-day meeting, according to a statement from the central bank. The decision to hike was in line with market expectations.
The move follows a report earlier Friday showing consumer prices excluding fresh food rising 3%, well above the central bank’s inflation target.
Source : Bloomberg