Bank of Japan raises interest rates to 31-year high in widely expected move
Bank of Japan building in Tokyo, Japan, June 15 / Reuters-Yonhap
By Reuters
TOKYO — The Bank of Japan raised interest rates to a 31-year high of 1.25 percent on Friday in a widely expected move to forestall risks of inflation overshooting its 2 percent inflation target.
At a two-day policy meeting that ended on Friday, the board decided by a 7-2 vote to raise its policy rate from 1 percent. Board member Toichiro Asada and Ayano Sato dissented to the decision.
BOJ Governor Kazuo Ueda is expected to hold a news conference at 3:30 p.m. (0630 GMT) to explain the decision.