Japan hikes interest rates to 31-year high

The Bank of Japan has raised its interest rate to 1%, the highest level in 31 years, in an attempt to tackle inflationary risks caused by rising oil prices and a weakened yen against the dollar. This decision comes after Japan decided to slow down its government bond purchases amid continued increases in their yields, as part of efforts to normalize monetary policy following a long period of easing. The rate hike is expected to slow economic growth due to increased borrowing costs.

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