TechFlow News, February 2: According to JIN10 Data, the Bank of Japan’s (BOJ) summary of opinions from its January policy meeting indicates growing internal consensus on the urgency of raising interest rates, as authorities closely monitor the impact of the yen’s weakness on inflation. According to the summary of the two-day policy meeting that concluded on January 23, one of the nine committee members stated: “Given that tackling rising prices is Japan’s top priority, the BOJ should not spend excessive time assessing the effects of raising its policy rate but instead take timely action—i.e., raise rates.” This summary signals that the committee led by Governor Kazuo Ueda may raise its benchmark interest rate faster than the market generally expects—currently, markets anticipate rate hikes roughly every six months following the December 2023 hike. The yen’s exchange rate appears to be a key factor: mentions of “yen depreciation” and “foreign exchange” in the summary doubled compared to the previous meeting.
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