Japan's Central Bank May Raise Interest Rates Faster as Its Currency Sinks

Japan's central bank may raise interest rates faster than expected, Reuters and Bloomberg reported July 22. Higher rates make borrowing costlier but can lift a currency. The yen fell to 163 per dollar July 21 — its weakest in 40 years — before rebounding. Japan's rate already stands at 1%, a three-decade high. Rising import prices from the weak yen is the trigger.