Tokyo: The Bank of Japan (BoJ) on Friday raised its main interest rate to the highest level in 30 years, marking a further step away from its long-standing ultra-loose monetary policy. According to Qatar News Agency, the central bank unanimously decided to increase its benchmark interest rate to 0.75%, up from 0.5%, citing improved economic conditions and sustained progress toward its inflation targets. In a statement, the BoJ signaled that the rate-hiking cycle is likely to continue, reiterating its readiness to further raise borrowing costs should its economic outlook and inflation forecasts be realized. Following the decision, the Japanese yen weakened by more than 0.3%, trading at 156.02 against the US dollar.