Bank of Japan officials are reported to believe there is no need to rush to raise interest rates this month

According to people familiar with the matter, Bank of Japan officials believe that there is no urgent need to raise the base rate next week, even though the Japanese economy is moving in the direction of meeting its price target. With the economy and inflation developing largely in line with expectations, officials believe that the likelihood of achieving their vision continues to gradually increase, the people said. While they do not rule out another rate hike before the end of the year, they said, there are no conclusive factors so far that can convince them that they must raise rates when they set policy on October 30. In any case, the central bank will scrutinize economic data and other factors next week until a final decision is made at the last minute. Those factors will include developments in the financial marekt, as the yen is more likely to influence inflation in the near term than in the past, the people said. (Jin Ten)