BOJ Members Urge Faster Rate Hikes Amid Inflation Fears

The Bank of Japan's (BOJ) July policy-setting meeting saw calls for faster interest rate hikes amid rising inflation risks, according to minutes released on Monday.

One BOJ Policy Board member expressed concerns that waiting could no longer be considered a marginal risk and emphasized the need to accelerate the pace of adjusting monetary accommodation.

The central bank ultimately kept interest rates unchanged at the July meeting but decided to raise its policy interest rate to 1.25% at its next policy-setting meeting this month, marking the shortest interval during Governor Kazuo Ueda's tenure.