Welcome to our TOPLive coverage of the Bank of Japan’s monetary policy decision. We’ll start shortly, with the central bank typically announcing its decision around midday in Tokyo. We’ll also follow the briefing by Governor Kazuo Ueda from 3:30 p.

The Bank of Japan raised its key interest rate to about 0.5% from 0.25% Friday, noting that inflation is holding at a desirable target level. The decision by the central bank came at the end of a two-day policy board meeting in Tokyo.

After a long period of stagnation, the return of inflation and wage growth is giving the Bank of Japan room to raise interest rates.

The Bank of Japan raised interest rates to the highest level since October 2008 as the economy makes steady progress toward the bank’s goal of stable 2% inflation and wage-backed growth.

The move comes in line with expectations from CNBC's survey from Jan 15-20, which saw an overwhelming majority of economists predict a hike.