Japan Raises Interest Rates to 31-Year High Under U.S. Pressure
Bank of Japan (BoJ) raises interest rates by 0.25 to 1.25 percent, pushing borrowing costs to their highest level in 31 years. The move on Friday marked the first hike since June, and takes interest rates closer to levels the BoJ deems neutral to the economy. The Federal Reserve’s rate hike on Wednesday, and the prospect of another one later this year, have added pressure on the BOJ to keep pace.