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BOJ October meeting minutes: one member urges rate hike without excess caution

Bank of Japan October meeting minutes show one board member argued the BOJ should decide to raise rates when conditions allow rather than being overly cautious. Another member said Japan has entered a new phase and the BOJ must accelerate rate hikes toward a neutral level, with neutral rates likely well above 1%. Other members called for monitoring financial conditions in the months after each hike.

Original source

AI take

The split inside the board is the real signal here: one member pushing against "excess caution" and another framing neutral rates well above 1% suggests the hawkish flank is not marginal, even as others want post-hike monitoring. For crypto and RWA markets, the relevance runs through yen carry and global liquidity — a BOJ seen as quicker to normalize is a tightening impulse that sits outside the usual Fed narrative. Whether that internal pressure translates into actual policy steps, or stays a minority view, is the open question worth tracking into the next meeting.

Generated by AI for reference only.

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