The Bank of Japan raised its short-term policy rate to 1% from 0.75% on Tuesday, lifting borrowing costs to their highest level since 1995 and marking its first increase since December. The board approved the decision 7-1, with member Toichiro Asada opposing the move, while Governor Kazuo Ueda missed the meeting because he was hospitalized for treatment of an infected liver cyst. The central bank cited a weak yen, higher crude oil prices linked to the Middle East conflict and faster business-...

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