TOKYO, (UrduPoint / Pakistan Point News / WAM – 24th Jan, 2025) The Bank of Japan on Friday raised its policy interest rate to 0.5 percent from 0.25 percent, its highest level in about 17 years, reported Kyodo news.
The Bank of Japan said it will continue to raise the key short-term rate if the economy and prices move in line with its expectations.
The bank also lifted its projections for the core consumer price index, excluding volatile fresh food, for the three years through fiscal 2026 in its latest outlook released the same day.
The bank now estimates that the index will grow 2.7 percent in fiscal 2024, 2.4 percent in fiscal 2025 and 2.0 percent in fiscal 2026, compared with the previous forecasts of 2.5 percent, and 1.9 percent, and 1.9 percent, respectively.
