BOJ hikes rates to 1.25% as chief Ueda cites shift in policy phase

Japan central bank accelerates monetary tightening as market pressure mounts Following a two-day board meeting, the BOJ decided to bump up its uncollateralized overnight call rate. (Photo by Akira Kodaka) TOKYO — Bank of Japan Gov. Kazuo Ueda on Friday said monetary policy had entered a new phase at a time of growing upside inflation risks, after the central bank raised its benchmark interest rate to a multidecade high of 1.25% in a split vote amid investor expectations that the bank would act to keep inflation in check.

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