BoJ lifts interest rates to highest level in 30 years

The Bank of Japan's has increased its key interest rate to its highest level in three decades as price rises start to bite consumers.

Policy makers voted unanimously to increase the benchmark rate by a quarter of a percentage point to "around 0.75%" on Friday.

The decision comes as new Prime Minister Sanae Takaichi works to balance keeping a lid on inflation while also maintain cheap government borrowing.

Reporting by Frank Prenesti for Sharecast.com