Bank of Japan Raises Policy Rate to 1.25% After Three Months... Highest Level Since 1995
The Bank of Japan (BOJ) has decided to raise its policy interest rate by 0.25 percentage points, from the current level of approximately 1.0% to around 1.25%.
According to Kyodo News and Nikkei (Nihon Keizai Shimbun) on September 18, the BOJ made this decision at its monetary policy meeting held on the same day. This is the highest level seen in 31 years since 1995. The additional hike comes just three months after the previous increase in June, marking the shortest interval between increases since Governor Kazuo Ueda took office. Nikkei explained that this measure was taken to contain the upside risks to inflation stemming from rising crude oil prices and the depreciation of the yen.
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This rate hike was decided by a majority vote among the nine policy board members. Policy board members Doichiro Asada and Ayano Sato voted against the rate increase.
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