BOJ Summary Suggests Emerging Urgency Around Timely Rate Hikes

A summary of opinions from the Bank of Japan’s January policy meeting indicated a growing awareness of the need to raise interest rates in a timely fashion as authorities monitor the impact of the weak yen on inflation.

“Given that addressing rising prices is an urgent priority in Japan, the bank should not take too much time examining the impact of raising the policy interest rate, and should proceed with the next step, a rate hike, without missing the appropriate timing,” one of the nine board members said, according to the summary from the two-day policy meeting that concluded on Jan. 23.