The benchmark interest rate was hiked to 1%, despite US-Iran peace agreement, as higher energy costs spread through the economy
The Bank of Japan raised its key interest rate by a quarter percentage point to 1% on Tuesday, lifting borrowing costs to their highest level since 1995 as it sought to contain inflation from soaring energy prices driven by the US-Israeli war on Iran.
The central bank said it would continue raising rates if inflation remains elevated, citing the impact of higher oil prices on consumer costs.
Although the US and Iran have reached a preliminary agreement to end hostilities following weeks of negotiations, BoJ officials…
Read the full article at RT.COM
