On February 6th, Jinshi Data News, Naoki Tamura, a member of the Bank of Japan’s Monetary Policy Committee, stated in a speech that the upward risk of prices is accumulating. There is no preconceived view on the impact of interest rate hikes. The Bank of Japan must raise the interest rate to a level that is nominally neutral, which requires at least about 1%. We must raise the interest rate to about this level at least in the second half of fiscal year 2025. The Bank of Japan must raise interest rates in several stages at the right time, while carefully studying the short-term interest rate level that is suitable for the economy. We should not insist on achieving the 2% inflation target, as long as Japan is on the path of moderate inflation. Since Naoki Tamura made the speech, the USD/JPY has fallen more than 40 points, with the latest quote at 151.94.
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