The Bank of Japan released the summary of opinions from its July meeting, revealing that some members concerned about inflation risks had said rates should be adjusted flexibly. Some members also argued that the pace of rate hikes should be accelerated.
According to the summary of opinions from the Bank of Japan's July Monetary Policy Meeting, released on the 28th, several Policy Board members concerned about the risk of rising prices expressed the view that rate hikes should proceed, saying it was important to adjust the policy rate flexibly. The summary included views that rates should be kept near current levels while action should be accelerated depending on economic and price trends.
Another member argued that the pace of rate hikes should be accelerated, and various views on raising the pace emerged in the meeting's discussions. These views were reflected in the summary as issues concerning the timing and speed of rate increases during the process of reducing monetary accommodation.
The Bank of Japan reportedly decided at this meeting to hold the policy rate at around 1.0%, while indicating a policy of aiming to raise it to around 1.25% at its September meeting. The next meeting is scheduled for 17-18 September, and market attention is focused on the specific timing and size of any increase.