The Bank of Japan raised interest rates on Friday to their highest since the 2008 global financial crisis, underscoring its confidence that rising wages will keep inflation stable around its 2% target.

The Bank of Japan raised interest rates to a 17-year high of 0.5%, with Bitcoin and major altcoins surging by 3-6%.

The board decided to raise the BOJ's short-term policy rate to 0.5% from 0.25% by an 8-1 vote. Board member Toyoaki Nakamura dissented to the decision.

For some economists, the latest move was too completely priced in, begging the question of how explicitly the BOJ intends to signal its plans in the future.

Japan's central bank raised interest rates to their highest since the 2008 global financial crisis and revised up its inflation forecasts.

Japan's central bank has increased the cost of borrowing to its highest level in 17 years after consumer price rises accelerated in December. The move by the Bank of Japan (BOJ) to raise its short-term policy rate to "around 0.

The Bank of Japan increased interest rates on Friday to their highest in 17 years and signalled more hikes to come, sending the yen higher against the dollar.

The pace of interest rate cuts has been the focus for much of the world, but in Japan, things are going in the opposite direction. The BOJ just hiked its key policy rate to its highest level in 17 years,