Economic Buzz: Bank of Japan hikes rate to 31-year high

Japan's central bank has increased its main interest rate to a new 31-year-high after a surge in global energy prices.

On Tuesday, the Bank of Japan (BOJ) raised its so-called policy rate to 1% from 0.75% - its highest level since 1995.

The decision comes as some other central banks have raised interest rates this year as the Iran war pushed up the cost of living.

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