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Bank of Japan board members saw the need to raise interest rates as prices rise toward its 2 percent inflation goal, though some were cautious about the strength of the economy, a summary of opinions at a July policy meeting showed Thursday. One member said the BOJ needs to avoid “rapid hikes” but bring the policy rate up to at least around 1 percent, if 2 percent inflation is achieved in fiscal 2025. The Policy Board, in a seven to two vote, hiked the rate to 0.25 percent at the July 30-31 meeting. The decision, along with the surprisingly hawkish stance expressed by the bank’s governor, sent…

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