Bank of Japan Raises Rates to 31-Year High on Oil-Driven Inflation

📉 TOKYO — BOJ hasn't moved this aggressively since the Gulf was stable. 📌 LOOK CLOSER: BOJ held near-zero rates for three decades — Gulf oil inflation broke that. Tokyo pricing energy costs as structural, not transient. Japan imports nearly all its oil; every Hormuz week adds to CPI. With BoE already trapped, BOJ moving confirms the conflict is repricing monetary policy across major economies. Next variable: yen strengthening vs. export recovery.