A member of the Bank of Japan's Monetary Policy Board said that conditions for a rate hike are taking shape.

The summary of the Bank of Japan's policy meeting at the end of October, announced on Monday, showed that one committee member stated that conditions for a rate hike are beginning to form. Another committee member mentioned that a rate hike at that time would be a step towards policy normalization, while another member stated that the central bank should not miss the best timing for a rate hike. Note: At the time, the Bank of Japan decided to maintain interest rates unchanged with a vote of 7-2. Members Tanamura Naoki and Takada Hajime voted against for the second consecutive meeting, supporting a rate hike. One committee member mentioned that uncertainties in the outlook have decreased compared to July. Another committee member stated that if economic prospects materialize, the central bank will raise interest rates. One committee member pointed out the need to closely monitor wage increase trends in the initial stages of annual salary negotiations later this year.