Bank of Japan member advocates timely rate hike: media

  • World
  • Thursday, 20 Jun 2024

TOKYO, June 19 (Xinhua) -- A key policymaker from the Japanese central bank emphasized the importance of raising interest rates "in a timely and appropriate manner," as the central bank edges closer to achieving its inflation target, local media reported.

One Bank of Japan (BOJ) member underscored the necessity of a timely and appropriate rate hike in response to the increasing likelihood of meeting the economic and price outlook, Jiji Press reported, citing the minutes of BOJ's April meeting released on Wednesday.

The minutes from the April 25-26 Policy Board meeting demonstrated a shared concern among various policymakers regarding the potential rate increase, with one member advocating further discussions about the timing and extent of policy interest rate hikes, indicating a nuanced approach.

The central bank's shift in policy began in March when the BOJ ended its negative interest rate policy, implementing its first rate hike in 17 years. The move marked the beginning of the normalization process for Japan's monetary policy, reflecting a broader strategy to stabilize the economy.

According to Jiji, some members identified exchange rates as "one of important factors affecting economic activity and prices," noting that "monetary policy responses would be necessary if there was a change in the outlook for economic activity and prices."

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