BOJ to Raise Benchmark Interest Rate Significantly
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The Bank of Japan (BOJ) is set to increase its benchmark interest rate this Friday, marking the most substantial hike in 18 years. This decision is driven by strong wage growth and stable market conditions following the re-election of U.S. President Donald Trump. Market indicators, such as overnight-indexed swaps, show a near 100% certainty of the rate hike, a significant jump from 50% last month. Economists largely anticipate this move, with three-quarters predicting the hike in a recent survey. The BOJ has been cautious in its approach since last year, but current economic conditions suggest that a rate increase is timely. Investors are keenly awaiting comments from BOJ Governor Ueda regarding future rate adjustments.
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