Bank of Japan Raises Rates to 1% for First Time Since 1995

AI Summary

The Bank of Japan (BOJ) increased its interest rate to 1%, marking the first rise since 1995. This move is significant as it reflects a shift in the central bank's monetary policy amid changing economic conditions. The decision was announced by deputy Shinichi Uchida during a press conference, following the hospitalization of chief Kazuo Ueda. The rate hike could impact global markets by influencing capital flows and currency valuations.