Bank of Japan member: Inflation may reach the target earlier than expected, and interest rate hikes should be considered as soon as possible

In a speech to businesses in Fukushima prefecture on Wednesday, Naoki Tamura, a BoJ deliberator, said the central bank should consider further interest rate rises as soon as possible because inflation is likely to hit its target earlier than expected. "My basic idea is that the central bank will raise policy rates and adjust the degree of monetary easing in a timely and appropriate manner, without any preconceived analytical data and various information, based on the improvement of economic activity and prices," he said. He argued that inflation could rise faster than the BoJ expected, forcing the Bank of Japan to take decisive action in the face of global uncertainty.