BoJ raises policy rate to highest level since 2008
Policy-makers raise inflation forecasts and signal further rate rises
The Bank of Japan has raised its short-term policy rate to its highest level since 2008 and increased its inflation forecasts.
In an 8–1 vote, the policy board today (January 24) voted to raise the uncollateralised overnight call rate by 25 basis points to around 0.5%.
The BoJ’s decision had been widely expected by analysts. The bank’s governor Kazuo Ueda and deputy governor Ryozo Himino had signalled earlier this month that the BoJ could raise rates today.
In a statement today, the BoJ said the
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