Japan’s Nikkei briefly tops 70,000 after BOJ lifts key rate 25 basis points to 1%

Asian shares were mostly higher after the Bank of Japan raised its key interest rate 25 basis points to 1%, the highest level in three decades. Japan’s Nikkei 225 briefly crossed 70,000 for the first time before paring gains to end up 0.6%. Oil prices edged lower, with Brent down 0.3% to $82.93 a barrel and U.S. crude at $80.66, after the United States and Iran reached a tentative deal to restart global crude flows and expectations grew the Strait of Hormuz would reopen. A day earlier, the Nasdaq and S&P 500 surged as AI-linked stocks led the rally.