Sources: BoJ could raise rates again at September 17-18 meeting
This report adds a further layer of support to the yen thesis that has been building across recent coverage, where market participants including MUFG and Goldman Sachs have argued that genuine, lasting yen strength depends on the BoJ actually delivering further tightening rather than on intervention alone. Sources cited by Jiji suggesting the Bank may consider an additional hike at its September meeting, following June's increase, aligns with the hawkish tone already flagged in the July meeting's Summary of Opinions and adds a policy pathway that could reinforce rather than undercut the joint intervention effort. A separate report suggesting the BoJ could feel pressured to act given that intervention adds a political economy dimension, implying the Bank may want to validate the intervention with a genuine policy move rather than risk it being read as unsupported. Together these threads point toward September hike pricing becoming a more prominent theme for USD/JPY over the coming weeks.
A September BoJ hike is looking increasingly plausible, and if it happens, it would give the joint intervention the fundamental backing that MUFG and Goldman have both said is missing.
Summary:
- Sources cited by Jiji say the Bank of Japan may consider an additional interest rate increase at its September 17-18 policy meeting, following a rate hike in June.
- The sources cite rising risks of higher inflation as the reason for considering further tightening.
- Other recent reports noted that odds of a September hike were boosted following a hawkish Summary of Opinions from the BoJ's July meeting.
- A separate report from the prior day suggested the BoJ could face pressure to act in September given the recent joint Japan-US yen intervention.
The Bank of Japan may consider raising interest rates again at its upcoming policy meeting on September 17 and 18, according to informed sources cited by Jiji, a move that would follow the central bank's rate increase in June. The sources pointed to rising risks of higher inflation as the key factor behind the possible additional tightening.
The report adds to a build up of signals in recent days pointing toward increased odds of a September move. Other reporting has noted that expectations for a hike next month were already boosted following a hawkish Summary of Opinions from the BoJ's July policy meeting, suggesting internal debate within the Bank has been shifting in a more hawkish direction even before this latest report.
A separate report from the previous day added a further dimension to the case for September action, suggesting the BoJ could face pressure to move given the recent joint intervention conducted alongside the United States to support the yen. That framing implies the Bank may feel some obligation to back the intervention with genuine policy tightening, rather than allow the currency support delivered through intervention to stand unsupported by fundamentals.
Taken together, the reporting builds a more coherent picture of a Bank of Japan that is increasingly likely to follow June's hike with another move in September, driven by a combination of inflation risk, an already hawkish tone from recent meeting minutes, and the practical pressure created by the joint intervention itself. That combination is likely to keep September rate expectations firmly in focus for yen watchers heading into the coming weeks.
This article was written by Eamonn Sheridan at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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