The Bank of Japan raised its short-term policy rate 25bp to 1.00% at the
conclusion of a two-day meeting on Tuesday, moving from 0.75% on a 7-1 vote. The
move, the first hike since December, was framed as addressing inflation risks
stemming from the Middle East conflict and lifts the policy rate to a 31-year
high. Governor Ueda was hospitalized and absent from the meeting and did not
vote.
