Business
Japan raises interest rate to new 31-year high to curb rising prices
Central banks around the world have hiked rates as high energy prices are pushing up inflation.
BBC Business•
Japan's central bank has raised its main interest rate to a fresh 31-year high as it continues to move away from decades of ultra-low borrowing costs and as the country faces increasing economic pressures.
On Friday, the Bank of Japan (BOJ) increased the rate to 1.25% from 1% - a level not seen since 1995.
It comes as major central banks around the world are hiking rates as higher energy prices caused by the Iran war are helping to push up inflation.
While Japan's inflation rate is not high by international standards, rising prices are a relatively new development in the economy.