Weak yen prompted BoJ’s December rate hike, minutes show
Japan likely to continue tightening, though board said it had ‘no specific pace in mind’
The weak yen influenced Bank of Japan board members’ decision to raise rates in December, minutes from the meeting published today (January 28) have shown.
The BoJ hiked rates by 25 basis points to 0.75% at the meeting, taking Japan’s benchmark lending rate to its highest level in 30 years. According to the unattributed minutes, members discussed their expectation that the yen’s depreciation would push up prices, particularly via increased import costs.
Board members acknowledged that responding
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