The Bank of Japan should continue raising interest rates as underlying inflation has reached a level broadly consistent with its 2% price stability target, while financial conditions remain accommodative, according to the summary of opinions from its October policy meeting. Policymakers noted the central bank should consider its next rate hike when conditions allow, while assessing economic resilience, particularly underlying consumption trends amid Japan’s aging and declining population. Some members argued that the BoJ should accelerate the pace of monetary tightening and bring rates closer to neutral, noting that firms have become more resilient to higher borrowing costs and the effects of previous hikes have yet to fully materialize. However, others urged a cautious approach, recommending that financial conditions be monitored for several months after each increase. The board kept rates unchanged at the meeting to assess the cumulative impact of previous hikes.