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Bank of Japan Raises Benchmark Interest Rate to 1%

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The Bank of Japan raised its benchmark policy rate to 1.0% from 0.75% at the conclusion of its monetary policy meeting on Tuesday.

The decision, approved by a 7-1 vote, was in line with market expectations.

The central bank said Japan's economy continues to recover moderately, although geopolitical uncertainties remain risks to the outlook.

Higher crude oil prices have added to inflationary pressures, while strong corporate earnings and a resilient labor market have somehow offset the situation.

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