The Bank of Japan Raised Rates. Here’s Why You Should Care.

TOKYO—In 1995, O.J. Simpson was acquitted of murder charges, Coolio’s “Gangsta’s Paradise” topped the charts, and the first Toy Story movie hit the theaters. It was also the last time the Bank of Japan’s benchmark interest rate was as high as 0.75%.

The BOJ raised its policy rate target to its highest level in 30 years on Friday, another small step back from the world’s longest and biggest experiment with ultra-expansionary monetary policy.