Japan raised its interest levels to a base rate of 1%, its highest levels since back in 1995. It did not come as a surprise, as markets did expect a hike of 25 basis points.
In the meeting after Deputy Governor Shinichi Uchida mentioned that compare to its previous meeting in April, when US and Iran were further apart from an agreement, stability in the region would be welcoming.
However, there is still uncertainty of oil distribution to Japan that can lead to inflation being more stickier.
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