Bank of Japan Follows Fed and ECB With Rate Hike to 1.25%

The Bank of Japan (BOJ) raised its interest rate to 1.25% on Friday, the highest level since 1995, as energy costs from the war in Iran pressure economies. The board split 7-2 on the decision, with members Toichiro Asada and Ayano Sato dissenting. Markets had priced in the move almost entirely before the meeting ended.