The Bank of Japan hiked its policy rate by 25 basis points to 1.25%, the highest since 1995, as elevated inflation continues to pressure the economy. The move marks the shortest gap between rate increases since the BOJ began normalizing monetary policy in March 2024, coming just three months after June’s hike, down from a six-month gap previously. The decision passed 7-2, with board members Toichiro Asada and Ayano Sato dissenting. Both are seen as reflationists and were appointed earlier this year by Prime Minister Sanae Takaichi. The hike had been widely anticipated, adding Japan to a broader global cycle of rising interest rates.
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