Former CFO Takehiko Nakao: Bank of Japan should raise rates at every meeting, target rate needs to exceed 2%

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智通财经2026/08/17 04:21

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Takehiko Nakao, who stepped down as Vice Minister of International Affairs at the Ministry of Finance in March 2013, said on a Tokyo TV program on Monday that the Bank of Japan should raise its benchmark interest rate at every monetary policy meeting, aiming to lift the policy rate above 2% in order to narrow the interest rate gap with the United States and alleviate the persistent downward pressure on the yen.
He pointed out that even if Japan has raised its policy rate to 1%, the inflation-adjusted real rate remains negative, while real rates in other major countries are all in positive territory. Considering Japan’s current inflation level is around 2%, raising the policy rate to 2.25% or 2.5% would not be an unusual level.
Traders are closely watching the timing and pace of the Bank of Japan’s next rate hikes. In July, the Bank of Japan kept its rate unchanged at 1.00%, but Governor Kazuo Ueda explicitly warned of upside risks to inflation after the meeting, keeping the possibility of a rate hike as early as September open. As of Monday midday in Tokyo, overnight index swap data showed markets pricing a 79% probability of a rate hike at the Bank of Japan’s September 18 meeting. Well-informed sources revealed that the Sanae Takaichi government also supports a near-term rate hike.

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