Several top Japanese economic commissioners urged the Central Bank of Japan to raise interest rates.

On July 24th, Jinshi data reported that the Japanese government held a meeting of the highest economic committee last week, attended by Prime Minister Fumio Kishida, major economic ministers, and the President of the Central Bank, Kazuo Ueda. The meeting minutes released on Wednesday showed that some committee members believed that the Japanese Central Bank must raise interest rates to prevent the excessive depreciation of the yen. Mana Nakazora, a strategist at Natixis Bank in Japan, who attended the meeting, stated that it is important for monetary policy to move towards normalization more freely if the widening of the interest rate differential between the United States and Japan weakens the yen and affects consumption. Takeshi Niinami, another committee member from the brewing company Suntory, also agreed with this view. In addition, some politicians have called on the Japanese Central Bank to further clarify its interest rate hike plan to prevent the yen from falling to a new low against the US dollar.