BOJ summary signals rate hike is coming

The Bank of Japan (BOJ) signaled it’s getting closer to raising its interest rate for the first time since 2007 in its summary of opinions from last week’s policy gathering, although authorities didn’t hint at a consensus over the specific timing for the move.

BOJ board members continued to discuss prospects for ending the negative rate policy at the Jan. 22-23 meeting, with some members indicating conditions that would allow such a move are increasing.

“It seems that conditions for policy revision, including the termination of the negative interest rate policy, are being met,” one of nine board members said. The official cited the likelihood of better results in this year’s annual wage negotiations and signs of improvement for the economy and inflation.