TOKYO (Reuters) – The Bank of Japan raised interest rates on Friday in a widely expected move, reflecting its growing optimism that wages will continue to rise and keep inflation sustainably around its 2% target.
The committee decided to increase the short-term BOJ rate to 0.5% from 0.25% in an 8-1 vote. Board member Toyoaki Nakamura did not sit down for the decision.
BOJ Governor Kazuo Ueda is scheduled to hold a press conference at 3:30 pm (0630 GMT) to explain the policy decision.
