Bank of Japan Raises Rates to 31-Year High, Bitcoin Gains Against Yen

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The Bank of Japan raised its benchmark interest rate by 25 basis points, pushing borrowing costs to their highest level in 31 years. Following the announcement, the Japanese yen declined in value against other assets. Bitcoin registered gains when measured against the weakening yen. The rate hike marks a significant shift in Japan's historically ultra-loose monetary policy stance.

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