Bank of Japan raises interest rates to a 31-year high; Kazuo Ueda: 50 basis points or consecutive rate hikes not ruled out, but must guard against excessive tightening of financial conditions.

Zhito Finance APP has learned that the Bank of Japan (BOJ) raised interest rates on Friday to the highest level in 31 years and signaled that it is prepared to continue pushing up borrowing costs, joining other major central banks in combating persistent inflationary pressure triggered by soaring oil prices. However, this rate hike, which was widely expected by the market, failed to boost the yen, and the yen instead weakened. Investors focused on two points: the lack of a clearly hawkish tone in the policy guidance, and the fact that two dovish dissenting members advocated patience on rate hikes.