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The Bank of Japan is expected to raise its benchmark interest rate by 25 basis points to 0.5%, its highest level since 2008, as indicated by a survey of economists who cited a change in tone from BOJ leadership. Governor Kazuo Ueda and Deputy Governor Ryozo Himino have hinted at a rate hike based on positive economic indicators and a reduced risk from Donald Trump’s presidency, with economists also noting the yen’s weakness as a factor supporting a rate increase. The Japanese currency has strengthened in anticipation of the upcoming meeting, with an 88% probability of a rate hike according to LSEG data.
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