The Bank of Japan on Friday lifted its benchmark interest rate to 0.75%, marking its highest level in thirty years and further moving away from the country’s longstanding era of ultra-loose monetary policy and near-zero borrowing costs.
The central bank’s decision, which had been anticipated by markets, saw all board members unanimously vote to increase short-term rates from 0.5% to 0.75%.
Governor Kazuo Ueda is scheduled to address the public and elaborate on the policy move at a press conference set for 3:30 PM local time (0630 GMT).
