Bank of Japan raises interest rate to highest level in 31 years

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Japan's central bank has raised its benchmark interest rate to its highest level in 31 years. The move is aimed at curbing rising inflation that has been putting pressure on the economy. Elevated energy prices have been a key driver of the inflationary trend, a challenge shared by many economies globally. Central banks worldwide have been responding to similar pressures by hiking their own interest rates. Japan's latest adjustment reflects a broader global monetary tightening cycle aimed at stabilising prices.

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