BOJ Policymakers Push for Faster Rate Hikes Amid Inflation Risks

The Bank of Japan's July meeting minutes show that many policymakers saw the need to focus on mounting inflation risks, with some calling for faster interest rate increases.

After raising rates in June and pausing in July, the central bank pushed its policy rate to a 31-year high of 1.25% in September due to the Middle East war and a weak yen lifting prices of fuel and raw material imports.

The BOJ's focus is shifting towards anchoring underlying inflation around its 2% target rather than pushing up prices, according to minutes from the July meeting.

'Markets appeared to be expecting the BOJ to raise interest rates with intervals of about six months. But the pace of rate hikes could be faster than such market expectations,' one member said.