The Bank of Japan (BoJ) should promptly take action on the country's economy once it confirms that growth is set to continue, board member Hidetoshi Kamezaki said in a newspaper interview published on Saturday. Recent economic data releases have strengthened expectations that the central bank may raise interest rates in August.
Financial markets are hungry for any clues on the timing of the central bank's next rate increase. "If it is confirmed that growth will continue after reviewing the economy and prices comprehensively, then we must take action promptly," Kamezaki told the Mainichi Shimbun.
In a separate interview earlier this week Kamezaki said the BoJ will raise interest rates in small steps at the right time by looking at various economic data. Data released on Friday showed that nation-wide core consumer prices fell 0.1 percent in May from a year earlier.