Japan gears up for peak interest rates in 30 years

The Bank of Japan is preparing to raise its key interest rate to its highest level since 1995, with expectations of a quarter-point hike to 1 percent during the upcoming monetary policy meeting. This meeting will be conducted without Governor Kazuo Ueda due to health reasons. This move comes amid risks of rising inflation and global tensions, coupled with a persistently weak yen and inflation pressures, despite some members delaying interest rate increases due to sluggish economic data. The bank faces the challenge of balancing support for domestic demand with preventing a decline in the currency's value.

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