Markets live updates: ASX tipped to gain as Wall St rebounds, oil and bond yields retreat
Bank of Japan Governor Ueda Kazuo announced a rate hike to 1.25%, reaching a 31-year high. He stated there is no specific timeframe for future increases, noting that decisions will depend on global economic factors and inflation stability.
Why it matters
Japan's shift away from long-term ultra-loose monetary policy has significant implications for global currency markets and international investment flows.
No timeframe for more possible rate rises in Japan N By Natalie Whiting and Akane Saiki
The Governor of the Bank of Japan Ueda Kazuo is addressing the media in Japan about the decision to lift interest rates to 1.25%, a new 31-year high.
He has faced multiple questions from the press about whether more rate hikes are coming, and said there isn't a "specific timeframe".
Today's rise follows an increase in June, marking the fastest pace of rate hikes since 1990.
But while it was widely anticipated, the decision to raise wasn't unanimous, with two board members voting to keep the policy unchanged, which has raised some concern in the market.
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