The Bank of Japan’s June policy meeting minutes reveal a growing hawkish sentiment among board members, with at least two calling for an early interest rate increase. Discussions focused on the yen’s weakness pushing up inflation and the need for close attention to currency movements in monetary policy decisions. These concerns led to the BOJ’s July decision to raise interest rates to 15-year highs. However, the recent sharp appreciation of the yen to a 7-month high may influence future rate hike decisions. Markets are now looking to Deputy Governor Shinichi Uchida’s upcoming speech for clues on the pace of future rate increases, with some economists expecting a more gradual approach to tightening.