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Japan Raises Rates to 31-Year High to Ward Off War Inflation

Going against Prime Minister Takaichi’s wishes, Japan’s central bank acted amid U.S. pressure, a tanking currency and inflation from energy disruptions.

© Jiji Press/Agence France-Presse — Getty Images

Prime Minister Sanae Takaichi of Japan in Tokyo last month. Her government spending agenda faces pressure from rising interest rates.
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