Kazuo Ueda

Bank of Japan raises benchmark rate to 1% in 7-1 vote, governor absent; yen trims gains

The Bank of Japan raised its benchmark rate by a quarter point to 1% on Tuesday, the highest since 1995, as policymakers voted 7-1 without Governor Kazuo Ueda, who is hospitalized with a liver cyst. The yen briefly strengthened before paring gains, while bond futures slid.