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Bank of Japan raises interest rates to 1.25%, a 31-year high

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September 18th, 2026

Bank of Japan raises interest rates to 1.25%, a 31-year high

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🇺🇸 English

On Friday, the Bank of Japan raised its benchmark interest rate from 1.0% to 1.25%, marking a 31-year high.

日本央行於週五將基準利率從1.0%上調至1.25%，創下31年來新高。

For decades, the Bank of Japan had kept interest rates at or below zero in order to encourage more borrowing and spending, thereby combating deflation and lifting the Japanese economy out of its slump, while the bank had been striving to normalise monetary policy.

日本央行此前數十年來將利率維持在接近零或低於零的水準，以鼓勵更多借貸和支出，藉此對抗通縮並讓日本經濟走出低迷，而該行一直試圖讓貨幣政策正常化。

The increase in the uncollateralized overnight call rate, a type of short-term interest rate, had been anticipated well before the conclusion of the two-day monetary policy committee meeting and had recently been widely reflected in global markets.

此次上調無擔保隔夜拆借利率（一種短期利率），早在為期兩天的貨幣政策委員會會議結束時就已被預期，且近期已在全球市場中廣泛反映。

Bank of Japan Governor Kazuo Ueda stated that this decision was made after taking into comprehensive account various risks, including the war in Iran, the market's growing demand for artificial intelligence, and exchange rate fluctuations.

日本央行總裁植田和男表示，這項決定是在綜合考量伊朗戰爭、市場對人工智慧日益擴大的需求以及匯率波動等各種風險後所做出的。

He told reporters, "The Japanese economy is continuing to recover steadily," while also noting that inflation has approached the 2% target level.

他向記者表示：「日本經濟正持續穩步復甦」，並同時指出通膨已趨近2%的目標水準。

Analysts point out that another interest rate hike remains possible later this year or in early next year.

分析師指出，今年稍晚或明年初仍有可能再度升息。

Regarding the possibility of further rate hikes, Ueda stressed that the authorities need more time to assess whether the upward trend in prices can remain stable, while also having to keep a close watch on wage growth trends and other potential risk factors.

針對進一步升息的可能性，植田強調，當局需要更多時間評估物價漲勢能否維持穩定，同時亦須密切關注薪資成長動向及其他潛在風險因素。

Ueda stated that among the nine board members, two dissented and expressed concerns about the strength of Japan's economic growth.

植田表示，在九名委員之中，有兩名持反對意見，並對日本經濟成長的強度表達了擔憂。

The US Federal Reserve also raised its key interest rate this week.

美國聯準會於本週亦調升了其關鍵利率。

Wednesday's rate hike was the first since 2023, intended to curb inflation that has remained stubbornly high.

週三的升息舉措乃自2023年以降之首見，意在遏制持續盤踞高位的通膨。

Out of concern over the yen's weakness, the United States has also kept up pressure on Japan, urging it to raise interest rates.

由於擔心日圓走弱，美國也持續向日本施壓，要求升息。

The two countries recently intervened jointly in the foreign exchange market in order to shore up the yen's exchange rate.

兩國於近期聯手干預外匯市場，以支撐日圓匯率。

Although the Bank of Japan has already taken action, the dollar has remained strong, at one point climbing above 157 yen.

儘管日本央行已採取行動，美元依舊維持強勢，一度攀升至157日圓以上。

Earlier this year, the yen's exchange rate had reached above 160 yen.

今年早些時候，日圓匯率曾觸及160日圓以上。

The Bank of Japan has set an inflation target of around 2%.

日本央行已設定約2%的通膨目標。

Japan's current inflation is roughly at that level, although some consumers complain that the recent rise in prices has been too rapid, especially for gasoline and petroleum-related products.

日本當前的通膨大致處於該水準，儘管部分消費者抱怨近期物價漲勢過於迅猛，尤其是在汽油及石油相關產品方面。

Harumi Taguchi, an economist at S&P Global Market Intelligence, said: "Given that crude oil prices remain persistently high, the Bank of Japan is expected to raise interest rates further sooner rather than later, in order to limit the risk of consumer inflation exceeding the underlying inflation rate."

標普全球市場財智經濟學家田口晴美表示：「鑑於原油價格持續居高不下，日本央行預計將較早而非較晚進一步升息，以限制消費者通膨超過基礎通膨率的風險。」

She added that higher interest rates could also weigh on the economy, as borrowing costs for small and medium-sized enterprises would rise and mortgage costs would increase as well.

她補充說，較高利率亦可能拖累經濟，因為中小企業的借貸成本會加重，房貸成本也會更高。

Analysts are also concerned about the aggressive public spending promised by Prime Minister Sanae Takaichi's government, such as tax cuts and large-scale defence investment, at a time when public debt continues to swell.

分析師亦憂心，在公共債務持續膨脹之際，首相高市早苗政府承諾的激進公共支出，例如減稅與大規模國防投資。

After the Bank of Japan announced its decision, Tokyo's benchmark Nikkei 225 index rose accordingly, edging up 1.4%.

日本央行公布決策後，東京基準日經225指數隨之上揚，微幅攀升1.4%。

Yuri Kageyama's Threads account can be accessed via the following link: https://www.threads.com/@yurikageyama

Yuri Kageyama 的 Threads 帳號可透過以下連結存取：https://www.threads.com/@yurikageyama

September 18th, 2026

The Lingo Times

Bank of Japan raises interest rates to 1.25%, a 31-year high

Bank of Japan raises interest rates to 1.25%, a 31-year high

🇺🇸 English

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