BOJ likely to keep hiking rates every quarter, ex-official says

"I expect the next rate hike in December, followed by another in March or April,” said Eiji Maeda, a former Bank of Japan executive director, in an interview on Tuesday. | BLOOMBERG

Oct 21, 2026

The Bank of Japan will probably keep raising interest rates every three months to contain risks of inflation deviating from its stable price target, according to a former BOJ executive director who oversaw monetary policy.

“I expect the next rate hike in December, followed by another in March or April,” Eiji Maeda said in an interview on Tuesday. “The pace has now accelerated to roughly one hike every three months, and I think that’s appropriate.”

It’s also broadly in line with market pricing. The overnight swaps market implies investors see a roughly 80% chance of an increase by December. The BOJ is widely expected to hold rates steady at its next policy meeting on Oct. 30.

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