The Bank of Japan raised interest rates on Friday to levels unseen in 30 years, taking another landmark step in ending decades of huge monetary support and near-zero borrowing costs.

In a widely expected move, the BOJ raised short-term interest rates to 0.75% from 0.5% in the first increase since January. The decision was made by a unanimous vote.

The Bank of Japan raised its key policy rate to a 30-year high on Friday to help curb inflation, as widely expected, and financial markets took the move in stride. The 0.25 percentage point hike took the BOJ's benchmark short-term rate to 0.

Rate rises in Japan ripple through global markets and might even push up the cost of borrowing in the U.S.

Because the U.S. has the world's largest economy, fluctuations in America's interest rates affect much more than domestic growth.

Top high-yield savings accounts still pay up to 5.00% APY, but with another Fed rate cut announced last week, those yields could decrease.

The Bank of Japan raised interest rates on Friday to levels unseen in three decades, taking another landmark step in ending decades of huge monetary support and near-zero borrowing costs. As widely expected,