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

Japan's central bank has raised its key interest rate to about 0.5% from 0.25%, noting that inflation is holding at a desirable target level.

World shares advanced Friday after U.S. stocks rose to a record and the Bank of Japan raised its key lending rate. Oil prices fell after U.S. President Donald Trump called on oil-producing countries to reduce the price of crude,

Asian markets rose Friday after a record day on Wall Street in response to Donald Trump's tax-cut pledge, while the yen weakened slightly ahead of an expected interest rate hike by the Bank of Japan later in the day.

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The Bank of Japan has raised short-term interest rates by a quarter point, the highest in 17 years, signalling efforts to normalise monetary policy in response to persistent inflation and increasing wages.

The possibility is 'quite high' if markets remain calm following Trump's inauguration on Monday as the 47th president of the United States.

The Bank of Japan holds its first policy meeting of the year next week and the outcome will be announced days after the inauguration of U.S. President-elect Donald Trump.

The Bank of Japan hiked interest rates on Friday to their highest level in 17 years and signalled more were in the pipeline despite fears of turmoil under US President

Japan's government on Thursday maintained a cautious outlook for the economy in part as policymakers kept a wary eye on U.S. President Donald Trump's policies and their potential impact on global growth.

Global stock markets rose on Friday, after U.S. President Donald Trump's latest comments were seen as taking a softer stance towards

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.