Japan's finance minister Katayama said Tokyo still wants the Strait of Hormuz reopened as soon as possible and will respond appropriately depending on the impact of US‑Iran talks on the international community.

Nine policy committee members were split at the August meeting; several said upside inflation risks could make further rate rises necessary. Other members judged the current cash rate of 4.35% is working and preferred to give more time to assess the economy. Minutes said upcoming data must show inflation is likely to return to the 2–3% target band within a reasonable timeframe. The committee flagged the Middle East conflict, a global AI and data‑centre investment boom, and weak productivity as key risks, while some members described those risks as uncertain and recent economic flow as allowing policy to remain on hold. Market pricing implies a 13% chance the RBA lifts the cash rate to 4.6% at the Sep 28–29 meeting and roughly a 67% probability of another hike before February.

U.S. Defense Secretary Hegseth said he does not rule out using military force in the Strait of Hormuz or elsewhere.