Maruyama Yoshimasa: Bank of Japan September meeting minutes lack hawkish views supporting consecutive interest rate hikes

SMBC Nikko economist Yoshimasa Maruyama stated that the minutes of the Bank of Japan's September meeting lack sufficient hawkish views to support expectations of consecutive interest rate hikes. The meeting minutes listed corporate behavior and financial conditions such as asset prices as key determinants of future policies, and the Bank of Japan may not rely solely on policy interest rates when deciding on tightening policies. The OIS price shows that the probability of a rate hike in October is about 20%, and the probability of a rate hike in December is 82%.