Japan's central bank hikes interest rates to 30-year-high

（ECNS）-- Japan's central bank, the Bank of Japan, on Friday hiked interest rates from 0.5% to 0.75%, marking the first increase since January and its highest level since 1995, according to Japanese public broadcaster NHK.

The Bank of Japan placed significant emphasis on wage growth in its decision to raise interest rates, it was reported.

Based on surveys of Japanese companies and the wage guidelines put forward by labor unions during spring wage negotiations, the bank decided that the rate hike would not adversely affect the overall economic situation.

Analysis cited by NHK suggests that the Bank of Japan maintained a low-interest rate policy for an extended time. However, with rising prices and improving economic conditions, the central bank began to gradually raise interest rates starting last year.