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Bank of Japan Lets a Benchmark Rate Rise, Causing Yen to Surge
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TOKYO—The Bank of Japan made a surprise decision to let a benchmark interest rate rise to 0.5% from 0.25%, pushing the yen higher and ending a long period in which it was the only major developed-nation central bank not to increase rates.
The BOJ said the yield on the 10-year Japanese government bond could rise as high as 0.5% from a previous cap of 0.25%. The central bank has set a target range around zero for the benchmark government-bond yield since 2016 and used that as a tool to keep overall market interest rates low.
Read more on wsj.comAbout this in other media
Japan Inflation Hits Four-Decade High, Pressuring Central Bank in 2023 wsj.com /1 year ago
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Time Might Run Out on Japan’s Low-Rate Policy wsj.com /1 year ago
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