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Bank of Japan Hikes Rates to 31-Year High as Iran War Pushes Up Inflation
The Guardian·Thursday, 18 June 2026
The Bank of Japan raised its interest rates to 1%, the highest in 31 years, citing inflationary pressures caused by the Iran war. The US Federal Reserve and the Bank of England were expected to hold their rates steady. Japan has been one of the world's most notable holdouts on raising rates for decades.
Why It Matters
When major central banks move on rates, it shifts global capital flows — money can move out of emerging markets like India as investors chase returns elsewhere.
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