Bank of 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 combat inflationary risks resulting from rising energy costs due to the repercussions of the US-Iran conflict and the Hormuz Strait crisis. This decision comes as part of its monetary policy to tighten measures for the first time since December last year, with borrowing costs reaching their highest levels since 1995.
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