Global Market: Bank of Japan poised for rate hike as oil prices fuel inflation

The Bank of Japan is preparing to raise its interest rate for the first time in over three decades. This decision is largely driven by rising oil prices and increased import costs, which are contributing to higher inflation. As a result, investors will closely monitor the Bank's policy to determine if further rate hikes are on the horizon, potentially impacting the global economy and financial markets.

Why it matters

The Bank of Japan is expected to raise its policy rate, which could help control inflation but may also slow down economic growth. This move is a response to rising oil and import costs, which are intensifying inflation risks.

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