The Bank of Japan has decided to raise its benchmark interest rate to around 0.5 percent from 0.25 percent. The BOJ made the decision at a two-day policy-setting meeting that ended on Friday.

The Bank of Japan decided Friday to implement its third interest rate hike in a year, raising the policy rate by 25 basis points to 0.5%, as the central bank tries to strike a delicate balance between supporting the domestic economy and keeping the yen from weakening further against the dollar,