BoJ Summary of Opinions: Member says appropriate to keep raising rates in line with economy, price

The Bank of Japan (BoJ) published the Summary of Opinions from the September monetary policy meeting, with the key findings noted below.   

Key quotes

One member said appropriate to keep raising rates in line with economy, price, financial developments.

One member says policy phase shifted, focus must be on anchoring underlying inflation near 2%. 

One member said BoJ must act nimbly, show market determination to prevent inflation overshoot and consider impact on FX market. 

One member said central bank must accelerate rate increases if inflation exceeds target. 

Big manufacturers' sentiment index rises for 6 straight quarters, reaches highest level since March 2018. 

One member said central bank must raise rates early to terminal to respond swiftly to unexpected economic, price changes. 

One member said no need to rush raising rates but must guide policy properly as underlying inflation likely to hit 2% soon. 

One member said central bank shouldn't be overly cautious in raising rates given significant upside risks to inflation. 

One member said chance terminal rate could exceed estimated range, market expectations, depending on overseas developments. 

One member said most firms report impact of past and further rate hikes likely limited. 

Market reaction

At press time, the USD/JPY pair trades 0.03% higher at around 157.60.