Bank of Japan raises key rate to 1%, highest in 31 years

The Bank of Japan raised its benchmark interest rate to 1%, a 0.25 percentage point increase from the previous 0.75%, marking the highest level in 31 years since 1995. The decision was made at a monetary policy meeting on the 16th, with 7 out of 8 policy board members voting in favor. The move was seen as a response to inflation risks from rising oil prices amid Middle East tensions, outweighing concerns over economic slowdown.