Bank of Japan Likely to Avoid Consecutive Rate Hikes in October

According to informed sources, officials at the Bank of Japan are inclined not to implement consecutive interest rate hikes this month, while keeping the possibility of a hike as early as December open. Officials believe that consecutive rate hikes are unnecessary in the absence of signs of rising inflationary pressures. The central bank will assess economic data to decide whether to initiate a new round of rate hikes at the December meeting. The final policy decision for the meeting on October 30 remains uncertain. To manage inflation risks, Bank of Japan Governor Kazuo Ueda's policy committee raised the interest rate to 1.25% last month. U.S. Treasury Secretary Scott Basset has pressured Japan to continue normalizing its policies to support a stronger yen.

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