Bank of Japan raises interest rates to 1%, highest since 1995

The Bank of Japan raised interest rates to 1% today, the highest level since 1995, to combat inflation exacerbated by the US-Iran war. Policymakers noted that companies are rapidly passing on rising oil costs, which could elevate consumer prices. The BoJ indicated that the risk of severe economic deterioration from the conflict has lessened.

Summary by OZbrief · The Guardian Australia – Business