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Bank of Japan raised interest rates to a 31-year high in split vote

The BOJ lifted its policy rate to 1.25% on Friday, with 2 of 9 board members dissenting from the decision

KAZUHIRO NOGI / Getty Images

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,........

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