Key facts
- The Bank of Japan's September minutes showed policymakers saw the need to keep raising interest rates.
- One member said the BOJ would need to accelerate the pace of rate hikes if prices showed an upward deviation.
- The minutes were released on November 5, 2026, and give no figure for the size or timing of further increases.
- At the September meeting the BOJ raised its key rate to a 31-year high of 1.25%.
Bank of Japan policymakers saw the need to keep raising interest rates, and one member raised the prospect of faster increases, minutes of the central bank's September meeting showed on November 5, 2026.
The minutes quoted one member as saying: "If signs of an upward deviation in prices were observed, the BOJ would need to accelerate the pace of rate hikes." The account does not state how many members took that view, nor does it give a figure for the size or timing of any further increase.
At the September meeting the BOJ raised its key interest rate to a 31-year high of 1.25% and signalled a shift in its policy approach to one focused on keeping the rate of inflation from overshooting the bank's 2% target.
The report was published by Reuters, which cited no named sources beyond the minutes themselves.