BoJ to continue gradual rate hikes

The minutes of the May 16-17 board meeting of the Bank of Japan confirmed the view of members that the central bank should continue to raise interest rates gradually, in line with growth and inflation prospects.

Committee members also thought that the central bank should consider ways of improving its communication with market participants, the minutes revealed.

The nine-member strong board has voted unanimously in the past five policy meetings to leave the target for the overnight call rate u