SocGen analyst Jin Kenzaki said in a note the Bank of Japan could raise rates at every other policy meeting, taking the terminal policy rate to about 2% by June 2027. Kenzaki cited BOJ Governor Kazuo Ueda’s post-hike press conference, where Ueda said with underlying inflation nearing the 2% target the next focus is whether inflation will stabilise at that level. Ueda flagged next spring’s wage negotiations as key to that assessment, and SocGen expects robust momentum from those talks to persist

SocGen analyst Jin Kenzaki said in a note the Bank of Japan could raise rates at every other policy meeting, taking the terminal policy rate to about 2% by June 2027. Kenzaki cited BOJ Governor Kazuo Ueda’s post-hike press conference, where Ueda said with underlying inflation nearing the 2% target the next focus is whether inflation will stabilise at that level. Ueda flagged next spring’s wage negotiations as key to that assessment, and SocGen expects robust momentum from those talks to persist into next year.