The Governor of the Bank of Japan reiterated that interest rates will continue to rise if the economy and price performance meet expectations

ChainCatcher News, a document submitted by Bank of Japan Governor Kazuo Ueda to a government panel shows that the central bank will continue to raise interest rates if economic and price performance meets expectations. Ueda submitted the document on Tuesday to explain the Bank of Japan's policy decision in July to the government's economic and fiscal policy panel, chaired by Prime Minister Fumio Kishida. After the news that Ueda maintained his stance on interest rate hikes, the yen strengthened slightly against the dollar to around 146.20. The document indicates that Ueda believes the economic environment remains accommodative, as real interest rates are still significantly negative, even after the rate hike in July. The document also notes that due to the economic and price trends aligning with the central bank's projected outlook, and the upward risks to prices, the central bank adjusted its easing level in July. Pacific Investment Management Company's Japanese subsidiary expects the Bank of Japan to raise interest rates again as early as January next year. (Jin Shi)