The Bank of Japan raised its policy rate to around 1% from around 0.75% at its meeting concluding on 16 June, the highest level in 31 years and its first increase since December 2025.
The decision was announced with Governor Kazuo Ueda absent, currently hospitalised for treatment of a liver cyst infection. Deputy Governor Shinichi Uchida fronted the post-meeting press conference in his place and signalled that further tightening lies ahead, saying the central bank will continue to raise its policy rate in line with economic and price conditions.
The move continues the BOJ’s gradual normalisation after years of ultra-loose policy, against a backdrop of persistent inflation, a weak yen and energy-price pressure linked to the Middle East conflict.
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