Brazil's central bank will raise its benchmark interest rate by 100 basis points on Jan. 29, with more to increases follow, taking the cost of borrowing to the highest in nearly two decades by mid-year,

Turkey’s central bank has lowered its key interest rate by 2.5 percentage points to 45%. The decision on Thursday marked the second rate cut in a row and came as inflation slowed.

The central bank reduced its one-week repo rate to 45% from 47.5% as a cycle of higher borrowing costs bore fruit in cooler price rises.

Japan's central bank has increased the cost of borrowing to its highest level in 17 years, after consumer price rises accelerated last year. The move by the Bank of Japan (BOJ) to raise its short-term policy rate to 0.5% comes just hours after the latest economic data showed prices rose last month at the fastest pace in 16 months.

The Bank of Japan raised interest rates on Friday to their highest since the 2008 global financial crisis and revised up its inflation forecasts, underscoring its confidence that rising wages will keep inflation stable around its 2% target.