BOJ member urges faster rate hikes as inflation risks mount

Japan’s underlying inflation is nearing the BOJ’s 2% target, while consumer-goods price increases are expected to expand from summer onward. That moves the policy debate toward containing upside risks instead of simply supporting price growth.

Several members said future hikes need not follow the roughly once-every-six-month pace priced by markets. One member urged faster action because inflation risks could cause significant harm. The minutes also said the policy rate remained below the estimated neutral range, while citing import-cost pass-through, a weak yen and higher inflation expectations.