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The Bank of Japan raised interest rates to 1.25%, a 31-year high.

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September 18th, 2026

The Bank of Japan raised interest rates to 1.25%, a 31-year high.

Please note: This article has been simplified for language learning purposes. Some context and nuance from the original text may have been modified or removed.

🇺🇸 English

On Friday, the Bank of Japan raised its benchmark interest rate from 1.0% to 1.25%, reaching its highest level in 31 years.

日本央行于周五将基准利率从1.0%上调至1.25%，达到31年来的最高水平。

For years, the Bank of Japan kept interest rates at or below zero in an attempt to encourage more borrowing and spending, thereby fighting deflation and helping the Japanese economy escape its slump; now, however, the bank is striving to normalize monetary policy.

多年来，日本央行始终将利率维持在零或零以下，试图以此刺激更多借贷与支出，进而对抗通货紧缩、助力日本经济摆脱低迷；而如今，该行正力图推动货币政策正常化。

The increase in the uncollateralized overnight call rate, a short-term interest rate, had been anticipated by the outside world by the end of the two-day monetary policy committee meeting and had already been widely priced in by global markets in recent days.

此次对无担保隔夜拆借利率（一种短期利率）的上调，在为期两天的货币政策委员会会议结束时已为外界所预料，并已被近期全球市场普遍计入。

Kazuo Ueda, the Governor of the Bank of Japan, stated that this decision was made after reviewing a range of risks, including the war in Iran, the ever-expanding demand in the AI market, and exchange rate fluctuations.

日本央行行长上田和夫表示，这一决定是在审视了伊朗战争、人工智能市场需求不断扩大以及汇率波动等各种风险之后作出的。

"Japan's economy is continuing to show a gradual recovery," he told reporters, while also noting that the inflation rate has approached the 2% target level.

“日本经济正持续呈现渐进式复苏态势，”他向记者表示，并同时指出通胀率已逼近2%的目标水平。

Analysts have pointed out that interest rates may be raised again later this year or early next year.

分析人士指出，今年晚些时候或明年年初可能还会再度加息。

When asked about the possibility of further rate hikes, Ueda stressed that more time is needed to determine whether price increases will remain stable, and that wage growth and the trajectory of other risk factors must also be closely monitored.

当被问及进一步加息的可能性时，上田强调，判断物价上涨是否保持稳定尚需更多时间，同时还需密切关注工资增长及其他风险因素的走势。

Ueda stated that on the nine-member policy committee, two members dissented, expressing concerns about the strength of Japan's economic growth.

上田表示，在由九名成员组成的政策委员会中，有两人持反对意见，他们对日本经济增长的力度表示担忧。

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

美国联邦储备委员会本周亦上调了关键利率。

Wednesday's rate hike was the first since 2023, aimed at curbing stubbornly high inflation.

周三的加息举措系自2023年以来的首次，意在遏制居高不下的通胀。

Out of concern over the weakening yen, the United States has also been pressuring Japan to raise interest rates.

由于担心日元走弱，美国也一直在向日本施压，要求其加息。

The two countries recently coordinated intervention to support the yen's exchange rate.

两国近期协同干预以支撑日元汇率。

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

尽管日本央行已采取相应举措，美元依旧维持强势，一度攀升至157日元上方。

Earlier this year, however, the dollar had briefly broken through the 160-yen threshold.

而今年早些时候，美元曾一度突破160日元关口。

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

日本央行已将通胀目标设定在约2%的水平。

Japan's inflation rate is currently broadly within this range, although some consumers complain that the recent surge in prices has been too rapid, with gasoline and petroleum-related products standing out in particular.

当前日本的通胀率大体上正处于这一区间，尽管部分消费者抱怨近期物价涨势过于迅猛，汽油及石油相关产品尤为突出。

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

标普全球市场财智的经济学家田口晴美表示：“鉴于原油价格依然高企，预计日本央行将尽早而非推迟实施进一步加息，以限制消费者通胀超过基础通胀率的风险。”

She also noted that higher interest rates could weigh on the economy, given rising borrowing costs for small and medium-sized enterprises and increased mortgage payments.

她还表示，由于中小企业借贷成本上升和房贷增加，更高的利率也可能拖累经济。

Analysts are also worried about the impact of the aggressive public spending promised by Prime Minister Sanae Takaichi's government — such as tax cuts and substantial defence investment — at a time when public debt is already ballooning.

分析人士还担心，在公共债务已然不断膨胀之际，首相高市早苗政府所承诺的激进公共支出——例如减税和大幅国防投资——会带来何种影响。

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

在日本央行公布其决定后，东京基准日经225指数上涨了1.4%。

Yuri Kageyama's Threads account: https://www.threads.com/@yurikageyama

Yuri Kageyama的Threads账号：https://www.threads.com/@yurikageyama

September 18th, 2026

The Lingo Times

The Bank of Japan raised interest rates to 1.25%, a 31-year high.

The Bank of Japan raised interest rates to 1.25%, a 31-year high.

🇺🇸 English

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