Bank of Japan policy-makers differed on when the central bank could increase interest rates, or whether firms would continue to raise wages next year, minutes of its July meeting showed.

At its July 27–28 meeting, the BoJ’s nine-member policy board unexpectedly loosened its yield curve control policy. It raised the hard cap on yields for the 10-year Japanese government bond from 0.5% to 1%. But policy-makers decided to keep the short-term policy rate unchanged at -0.1%.

Many board members