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BOJ raises interest rates to 31-year high in widely expected move

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By Reuters
  • Published KST
  • Updated KST
Bank of Japan building in Tokyo, Japan, June 15. REUTERS-Yonhap

Bank of Japan building in Tokyo, Japan, June 15. REUTERS-Yonhap

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.