BOJ hikes rate to 1% as expected
The Bank of Japan has raised its interest rate by 25 basis points to 1%. This move was widely anticipated by the market.
The rate hike comes as China’s industrial output beat expectations, rising 4.5% year-over-year in May. However, retail sales declined 0.6%, the first drop since the pandemic.
Goldman has cut its Brent forecast to $80 for 2026 and $75 for 2027, citing the impact of the Hormuz deal. China’s house prices also continued to struggle, falling 3.5% year-over-year in May.