Japan's central bank hikes policy rate to 31-year high of 1.0%

Japan's central bank raised its benchmark interest rate to a 31-year high of 1.0% from 0.75%, signaling a significant shift in its monetary policy. This move comes amid growing economic pressure and calls for higher rates to combat inflation and stimulate economic growth. Analysts view this decision as a bold step that could influence global markets, particularly in Asia, and has implications for Japan's economic strategy and its role in the global economy.