BoJ raises rates to 31-year high
Ueda says ‘policy phase has changed’ and focus now is on ensuring inflation does not exceed 2%
The Bank of Japan raised its benchmark interest rate to the highest level in 31 years today (September 18) and pledged to continue tightening, as it warned that inflation could go above target.
The BoJ’s post-decision statement said the 25 basis point hike to 1.25% had been voted through by a 7–2 majority of its board members. Observers had largely predicted the outcome ahead of the decision.
Our short-term policy focus was to push up underlying inflation from levels below 2%Kazuo Ueda, Bank of
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