BOJ debated further rate hikes in July, one saw neutral rate at 1%, summary shows

FILE PHOTO: A man walks past the Bank of Japan building in Tokyo, Japan March 18, 2024. REUTERS/Kim Kyung-Hoon/File PhotoTOKYO : Some Bank of Japan board members called for the need to keep raising interest rates with one saying they should eventually be increased to at least around 1 per cent, a summary of opinions voiced at the bank's July policy meeting showed on Thursday.

Some in the nine-member board said inflation-adjusted real interest rates will remain very low even after the rate hike, which meant the BOJ would continue to support the economy with loose monetary policy, the summary showed. Another opinion also called on the BOJ to keep raising interest rates in a"timely and gradual manner", as Japan's neutral rate - or the level of borrowing costs that neither cools nor overheats the economy - seems to be at least around 1 per cent, the summary showed.

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