Historic rate hike by the Bank of Japan, bringing the rate to 1.25 percent
At the monetary policy meeting closely watched by global markets, the Bank of Japan raised interest rates, reaching a thirty-one-year high.
At its latest monetary policy meeting, the Bank of Japan raised its policy rate by twenty-five basis points to 1.25 percent, reaching the highest level in thirty-one years.
Details of the Meeting Decision
The Bank of Japan concluded its closely watched monetary policy meeting by sharing the eagerly awaited interest rate decision with the public. In line with expectations, the bank raised its policy rate by twenty-five basis points to 1.25 percent.
Voting Results and Dissenting Votes
In the official statement released by the bank, it was reported that the decision made following the two-day monetary policy meeting was adopted by a vote of seven to two. BOJ member Asada Toichiro voted against the decision because the increase rate in the Consumer Price Index has recently remained below 2 percent.
State of the Japanese Economy
The statements also noted that despite some weaknesses stemming from the impact of the situation in the Middle East, the Japanese economy continues to exhibit a moderate recovery trend.