TOKYO — The Bank of Japan hiked interest rates to a 31-year high Tuesday as it battles inflation caused by the Middle East war, even after Washington and Tehran agreed a peace deal. The central bank for the world’s fourth-largest economy raised its benchmark rate 25 basis points to 1.0 percent, the highest since 1995 and marking the first increase since December. The widely expected decision followed rate increases by the European Central Bank and Bank Indonesia last week after the conflict caused economic havoc and rising prices worldwide. With U.S. inflation at a three-year high, expectations are growing that the Federal Reserve will follow suit, albeit not at new boss Kevin Warsh’s first rate-setting gathering this week. Officials at the Reserve Bank of Australia — which has hiked three times this year — and the Bank of England are also tipped to stand pat when they decide over the coming days. The United States and Iran agreed a deal at the weekend to end their three-month Middle East war on all fronts and reopen the Strait of Hormuz, through which about a fifth of world oil pas
Bank of Japan hikes interest rate to 31-year high
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