Bank of Japan raises interest rate for second time in 17 years

The institution's long-standing ultra-loose policies have made it an outlier among central banks in recent years and driven down the value of the yen against the dollar. After a two-day policy meeting, the BoJ set an interest rate of 0.25 percent, a notch up from the previous rate of around zero to 0.1 percent. It raised interest rates in March for the first time since 2007, finally ditching a maverick negative-rate policy aimed at boosting growth in the world's fourth largest economy. Wednesday's decision...