At least three members of the Bank of Japan’s policy board said the central bank could raise interest rates faster than its current pace, according to the summary of its July 30-31 meeting. The BOJ kept its benchmark rate at 1%, with a vote of 8 to 1. Japan’s core inflation stood at 1.6% in July. One member argued that the BOJ should give greater weight to upside price risks, while another stated that the risk of waiting is no longer marginal. A third member called on the BOJ to avoid following a predetermined hiking schedule.
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