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

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September 18th, 2026

The Bank of Japan raised interest rates to 1.25%, setting 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%, setting a new high unseen in 31 years.

日本央行於週五將基準利率由1.0%調升至1.25%，寫下31年來的新高紀錄。

The Bank of Japan has all along laboured tirelessly towards the normalisation of monetary policy; for decades previously, it kept interest rates at levels near zero or even below zero, in the hope of inducing more borrowing and spending, thereby warding off deflation and guiding the Japanese economy out of its protracted malaise.

日本央行始終孜孜矻矻於貨幣政策之正常化；此前數十載，其將利率維持於近乎零乃至低於零之水準，以期誘發更多借貸與支出，藉此抵禦通縮，並引領日本經濟擺脫長期低迷之困局。

This move to raise the uncollateralized overnight call rate — a short-term interest rate — had already been anticipated by the market well before the conclusion of the two-day Monetary Policy Committee meeting, and had recently been broadly reflected across global markets.

此次上調無擔保隔夜拆借利率——此乃一短期利率——之舉措，早於為期兩日之貨幣政策委員會會議閉幕之際即已為市場所預期，且邇來已廣泛體現於全球各市場之中。

Bank of Japan Governor Kazuo Ueda stated that this decision was reached after weighing a multitude of risks, including the war in Iran, the market's ever-expanding demand for artificial intelligence, and exchange-rate volatility.

日本央行總裁植田和男表示，此項決策係權衡伊朗戰爭、市場對人工智慧日益擴張之需求，以及匯率波動等諸般風險後所作出。

He told reporters, "The Japanese economy is on a sustained, gradual recovery track," while also noting that inflation has come close to the 2% target level.

他向記者表示：「日本經濟正處於持續漸進的復甦軌道」，並同時指出通膨已趨近2%的目標水準。

Analysts have indicated that there may be another interest rate hike later this year or early next year.

分析師指出，今年稍晚或明年初恐將再度升息。

When questioned about the prospect of further tightening measures, Ueda placed considerable emphasis on the need for more time to ascertain whether the upward momentum in prices is stabilising, while also underscoring the necessity of closely monitoring wage growth trends and other potential risk factors.

面對進一步緊縮政策之詢及，植田著重強調，尚需更多時日以觀察物價漲勢是否趨於穩定，同時亦須密切監測薪資成長態勢及其他潛在風險因素。

Ueda stated that two of the nine board members had dissented, voicing apprehension about the robustness of Japan's economic growth.

植田表示，九名委員中有兩名持反對意見，對日本經濟成長的強度表達擔憂。

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

美國聯準會於本週亦調升其關鍵利率。

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

週三之升息舉措，乃自2023年以降之首見，旨在遏制持續高企之通膨。

In light of the concerns provoked by the yen's persistent weakness, the United States, too, has been applying unrelenting pressure on Japan, urging it to raise interest rates.

鑑於日圓持續疲軟所引發之憂慮，美國亦不斷向日本施壓，敦促其升息。

The two countries recently intervened jointly in the foreign exchange market in an attempt to shore up the yen.

兩國於近期聯手干預匯市，以期支撐日圓。

Although the Bank of Japan has already taken action, the dollar has nonetheless remained strong, at one point reaching above 157 yen; and earlier this year, the yen had depreciated past 160 yen.

儘管日本央行已採取行動，美元仍舊走強，一度觸及157日圓以上；而今年早些時候，日圓曾貶至160日圓以上。

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

日本央行業已設定約2%之通膨目標。

At present, inflation in Japan is by and large hovering around that level; nevertheless, some consumers remain vociferous in their complaints, asserting that prices have risen far too steeply of late, particularly where gasoline and petroleum-related products are concerned.

當前日本通膨大抵落於該水準，惟部分消費者仍怨聲載道，謂近期物價騰貴過劇，於汽油及石油相關產品尤然。

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

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實施進一步升息，以遏制消費者通膨超越基礎通膨率之風險。」

She went on to elucidate that persistently elevated interest rates could likewise act as a drag on the economy, the reason being that borrowing costs for small and medium-sized enterprises would rise accordingly, while the burden of mortgage repayments would also grow increasingly onerous.

她進而闡明，利率居高不下亦可能對經濟構成拖累，箇中緣由在於中小企業的借貸成本隨之攀升，而房貸負擔亦愈發沉重。

Analysts are likewise apprehensive that, at a juncture when public debt has already been ballooning relentlessly, the aggressive public spending pledged by Prime Minister Sanae Takaichi's government—such as tax cuts and large-scale defence investment—may prove untenable.

分析師亦憂慮，在公共債務已然持續膨脹之際，首相高市早苗政府所承諾之激進公共支出，諸如減稅與大規模國防投資。

Following the Bank of Japan's policy announcement, Tokyo's benchmark Nikkei 225 index rose in response, edging up a modest 1.4%.

日本央行決策揭盅後，東京基準日經225指數應聲上揚，微幅攀升1.4%。

The URL of the Threads account held by Yuri Kageyama is stated as follows: https://www.threads.com/@yurikageyama

Yuri Kageyama 所持有之 Threads 帳號，其網址載明如下：https://www.threads.com/@yurikageyama

September 18th, 2026

The Lingo Times

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

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

🇺🇸 English

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