BOJ Policymaker Seeks Faster Rate Hikes Amid Inflation Risks

A Bank of Japan policymaker has called for faster interest rate hikes due to inflation risks, according to a summary of opinions at a policy meeting in July. The policymaker stated that it is 'necessary for the bank to accelerate the pace of adjustment to the degree of monetary accommodation.' This comes as Japan's current account surplus grew 22.5% in the first half of this year, reaching its highest level since comparable data became available in 1985.

The country's trade balance also swung into the black, driven by an increase in dividend income from overseas investments. However, corporate bankruptcies in Japan rose 6.9% from a year earlier to 1,028 in July, with total liabilities jumping 41.4% to ¥236.3 billion.

U.S. forces also airlifted drinking water to quake-hit Kumamoto Prefecture, as part of the country's assistance to its ally Japan. The move comes as A-bomb survivors' group Nihon Hidankyo renewed its pledge to continue efforts toward realizing a world free of nuclear weapons.