SMBC Nikko Securities economist Yoshimasa Maruyama said the Bank of Japan could
still raise rates in October after the BOJ branch chiefs' meeting. Branch chiefs
flagged resilient industrial activity despite Middle East tensions and saw scope
for further pass-through to prices. Maruyama said the comments and the BOJ
report signal a step toward further tightening but did not convey urgency to
hike at the next policy meeting.
