The Bank of Japan has raised its key policy interest rate to 0.75 per cent from 0.5 per cent. This is the highest level seen since September 1995. The central bank increased the rate by 0.25 percentage points during its final policy meeting of the year, marking another big step away from decades of ultra-easy money policy. This move takes Japan’s key interest rate to a 30-year high and has the potential to impact global financial markets.