Japan raises its key interest rate to 1% for the first time in 31 years

Tokyo, June 16 / WAM / The Bank of Japan raised the key interest rate to 1%, its highest level in 31 years, following the Monetary Policy Committee meeting, as part of its efforts to confront the increasing inflation risks resulting from the rise in crude oil prices due to the conflict in the Middle East and the weakness of the yen.

The bank decided to increase the short-term interest rate from 0.75% to 1% for the first time since last December.

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