The BOJ released the minutes of its July policy meeting. They show that several committee members expressed the view that the pace of rate hikes should be accelerated.
According to the minutes of the BOJ's July Monetary Policy Meeting, several Policy Board members cited upside risks to prices and expressed the view that the pace of rate hikes should be accelerated.
At the meeting held on 30 and 31 July, the BOJ decided to leave the policy rate unchanged at around 1.0%.
The minutes record the view that the market expects a rate-hike pace of around once every six months, as well as the opinion that greater consideration should be given to upside risks to prices. Another member called for a faster pace of rate hikes, saying that the risks of waiting were not insignificant given the potential impact if an overshoot in prices materialized.
The BOJ subsequently raised the policy rate to around 1.25% at its September meeting.