Japan's rates reach 31-year peak

The Bank of Japan has raised interest rates to 1%, the highest level in 31 years, in a move aimed at tackling inflation risks associated with rising oil prices and the yen's weakness against the dollar. The decision was announced after a two-day meeting, during which the bank also stated it would slow the pace of its Japanese government bond purchases starting from April, continuing to reduce them by approximately 200 billion yen every three months until March. The interest rate hike is expected to slow economic growth due to higher borrowing costs, but it comes amidst inflation risks driven by geopolitical tensions and oil prices.

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