Japan raises interest rates to highest level in 17 years
CNN
The Bank of Japan raised interest rates on Friday to their highest since the 2008 global financial crisis, underscoring its confidence that rising wages will keep inflation stable around its 2% target.
The Bank of Japan raised interest rates on Friday to their highest since the 2008 global financial crisis, underscoring its confidence that rising wages will keep inflation stable around its 2% target. The decision marks its first rate hike since July last year and comes days after the inauguration of US President Donald Trump, who is likely to keep global policymakers vigilant ahead of potential repercussions from threatened higher tariffs. At its two-day meeting concluding on Friday, the BOJ raised its short-term policy rate from 0.25% to 0.5%, a level Japan has not seen in 17 years. It was made in a 8 to 1 vote with board member Toyoaki Nakamura dissenting. The widely expected move underscores the central bank’s resolve to steadily push up interest rates to around 1%, a level analysts see as neither cooling nor overheating Japan’s economy. “The likelihood of achieving the BOJ’s outlook has been rising,” with many firms saying they will continue to raise wages steadily in this year’s annual wage negotiations, the central bank said in a statement announcing the decision. “Underlying inflation is heightening towards the BOJ’s 2% target,” the central bank said, adding that financial markets remain stable as a whole.
The story of AI in the 2020s has gone something like this:
Workers at a Pennsylvania Whole Foods store voted on Monday to unionize, forming the first union in the organic grocery chain owned by Amazon.
The Pulitzer Prize board is asking a judge to hit pause on a defamation case President Donald Trump filed against until his presidency is over, using Trump’s own legal arguments against him.
A new CEO took the reins at Kohl’s this month, hoping to reverse a long losing streak at America’s largest department store chain. But after years of declining sales, a sharp drop in stock value and waning customer trust, Ashley Buchanan could find the chain’s problems hard to turn around.
DeepSeek R1, the surprisingly efficient and powerful Chinese AI model, has taken the technology industry by storm and is rattling nerves on Wall Street.
Celebrating football’s biggest game can bring big appetites. Buying Super Bowl fixings this year will cost about the same as last year, but the prices of individual products may seesaw, according to a Wells Fargo report.
Beginning Monday, several policies are returning to Starbucks’ locations in United States and Canada — part of CEO Brian Niccol’s Herculean task of reversing sales and traffic declines at the struggling institution.
US stocks were set for a steep selloff Monday morning after a surprise advancement from a Chinese artificial intelligence company, DeepSeek, threatened the aura of invincibility surrounding America’s technology industry.
Wildfires, raging floods, tornadoes and hurricanes can obliterate your home, but not your mortgage.
Monday marks the first day that the IRS will start accepting and processing 2024 income tax returns.
Automaker Kia America is recalling more than 80,000 vehicles due to floor wiring beneath the front passenger seat that can become damaged and prevent airbags and seat belts from deploying properly.
Graduating college no longer gives students a leg up in the workforce. They need real world experience, too. Now, colleges are stepping up their internships and co-op programs to fill the increasing need.
Federal economic data is one of the purest forms of infrastructure, says Erica Groshen, a former commissioner at the Bureau of Labor Statistics.
Ben & Jerry’s on Friday accused its parent company Unilever of suppressing a social policy statement that mentioned President Donald Trump.
Eggs are estimated to cost another 20% throughout 2025 because of new avian flu outbreaks.
President Donald Trump on Wednesday batted down the national security concerns surrounding TikTok, saying, “Is it that important for China to be spying on young people? On young kids watching crazy videos?”
Some of the biggest brands in America, including Amazon, Meta, Walmart and McDonald’s, have recently changed or ended their diversity, equity and inclusion (DEI) programs. But e.l.f. Beauty, a popular cosmetics brand, is a rare company vocally touting its diversity efforts and inclusive marketing like its “So Many Dicks” campaign.
The point of Donald Trump’s jab at Bank of America CEO Brian Moynihan was not just to dunk on one prominent financier. It was also a warning to every executive at Davos, and everyone watching the livestream around the world, that any slight — real or imagined — against his base won’t be tolerated.