The Bank of Japan is set to continue raising its benchmark interest rate toward 1% for now and will likely look for further rate hike opportunities afterwards depending on economic conditions, according to a former deputy governor of the central bank.
"The environment for continued interest rate hikes is reasonably well prepared in Japan,” former deputy Hiroshi Nakaso said at a news conference in Tokyo on Tuesday. "The bank should continue raising interest rates as much as possible, making appropriate judgments at each meeting.”
Nakaso emphasized the importance of creating room for future policy adjustments as needed, adding that the interest rate is the most effective tool for influencing the economy.
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