The Bank of Japan (BoJ) raising its key policy rate by 25 basis points to 0.75% is not just another “incremental” central bank move. It represents a structural shift for the last major economy that spent decades running near-zero (and at times negative) rates to fight deflation. Even if 0.75% still looks low compared to the U.S. or Europe, the direction matters—because Japan’s money has been one of the world’s most important sources of cheap funding and global capital flows.