President Donald Trump said he would press the Federal Reserve to lower interest rates “immediately,” rekindling a fight over the historically independent U.S. central bank.

The Bank of Japan hiked interest rates to 0.5%, the highest level since October 2008, and pledged to raise rates further if the economy and inflation continue in line with projections. The bank’s pledge to seek more rate hikes sent Japanese government bond yields higher and boosted the yen.

As interest rates rose, banks charged more for credit cards and loans, but held rates paid on savings accounts.