Bank of Japan speeds up rate hikes

The Bank of Japan announced that it is moving toward accelerating the pace of interest rate hikes more regularly in the future, in order to address the risk of inflation surpassing the 2% target. This comes amid expectations that inflation will rise to around 2.4% in September, with price pressures continuing to grow, as authorities seek to improve corporate outlooks and increase wages. The bank is expected to raise interest rates to around 2% by June 2024, amid increasing concerns over the weak yen and its impact on living costs and import prices. The decision depends on upcoming economic data and inflation projections, with officials emphasizing their readiness to act swiftly if necessary.

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