The Bank of Japan raised interest rates on Friday to their highest since the 2008 global financial crisis and revised up its inflation forecasts, underscoring its confidence that rising wages will keep inflation stable around its 2% target.

The Bank of Japan ((BoJ)) has raised its key short-term interest rate by 25 basis points to 0.5%, marking the highest level since 2008. The decision was influenced by wage hike momentum

Japan's central bank has raised its key interest rate to about 0.5% from 0.25%, noting that inflation is holding at a desirable target level.