Some BOJ members expect inflation boost later this year, minutes show

On August 5, minutes from the Bank of Japan's June meeting revealed that some members anticipate a notable increase in consumer inflation during the latter half of the fiscal year. These expectations stem from firms planning to raise prices across a broad spectrum of goods. According to the minutes obtained on Wednesday, two out of the eight board members advocated for more aggressive interest rate hikes to bring the central bank's policy rate closer to a neutral level.

However, Governor Kazuo Ueda, who had been hospitalized, did not attend the meeting. Prior to the June meeting, the BOJ had increased interest rates to a 31-year peak of 1 percent, responding to surging fuel costs due to the Middle East conflict, a weakening yen, and a tight job market.