Efforts to counter the economic effects of war with Iran; Japan also raised interest rates

Japan’s central bank has increased the interest rate by 1.25 percent, the highest figure in more than 30 years.

The decision comes after the European Union and the US central bank also took similar action by raising interest rates.

Economies around the world are trying to deal with inflationary pressures caused by the war with Iran, especially the sharp rise in oil and gas prices.

Japan’s central bank said that interest rates may rise again, since inflation is expected to remain at a high level.