The Bank of Japan raised its benchmark interest rate by 25 basis points to 1.25% on Friday, bringing borrowing costs to their highest level since 1995 as the central bank cited rising inflation risks and accommodative financial conditions. The Policy Board voted 7-2 in favor of the move, with board members Toichiro Asada and Ayano Sato dissenting. Asada maintained that core inflation had yet to reach the 2% threshold and that this left the case for tightening insufficiently compelling, making a pause the more appropriate course. Sato, for her part, expressed the view that the trajectory of economic activity and prices had not shown meaningful acceleration relative to prior periods. The new rate takes effect September 24, the bank said.
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