Missed the latest news from Asia? Here’s a round-up of some interesting stories you might have overlooked this week.
The Bank of Japan has made a significant move by raising interest rates to levels not seen in 15 years and outlining a plan to reduce its huge bond-buying scheme, signaling the gradual phasing out of a decade-long stimulus program. This unexpected rate hike, the largest since 2007, follows the recent decision to end eight years of negative interest rates, as the bank aims to dismantle past unorthodox policies.
Meanwhile, China’s National Immigration Administration has expanded its 144-hour visa-free transit policy to include three new ports of entry, further boosting tourism. The country saw a significant increase in foreign visitors in the first half of the year, with over 14 million arrivals, of which 8.54 million benefited from visa-free policies.
Indonesia has taken steps to combat its high smoking rates by raising the minimum age for purchasing cigarettes to 21 and implementing other tobacco-control measures.
In Vietnam, tropical storm Prapiroon caused devastating floods and landslides, resulting in fatalities and missing persons across the country’s north.
In North Korea, heavy rainfall led to severe flooding in Sinuiju and Uiju County, affecting thousands of homes and vast areas of farmland.
(Image: Kazuo Ueda, governor of the Bank of Japan, speaks at the Bank of Japan headquarters in Tokyo, Japan)