BOJ April Minutes Reveal 'Every Few Months' Rate Hike Argument, Also Challenge of Absent Command Tower

At BOJ April meeting, multiple members argued for 'once every few months' rate hikes The minutes of the April 27-28 monetary policy meeting, released on June 19, revealed that several committee members, citing risks from rising oil prices tied to Middle Eastern tensions, called for additional rate hikes at a pace of "once every few months" or even "faster." Amid growing vigilance over upside inflation risks, attention is focusing on future policy management. 1

Government to invest 10.5 trillion yen in 17 strategic fields, focus on physical AI Prime Minister Sanae Takaichi's growth strategy has taken full shape. It plans public-private investment totaling about 10.5 trillion yen across 17 priority areas, with a particular emphasis on physical AI (real-world AI applications). The aim is to strengthen industrial competitiveness in semiconductors, autonomous driving, and other fields. 2

Megabanks' annual dividends to reach 2 trillion yen, as rate hike widens interest margins Since the BOJ began raising rates, the total annual dividends of the three megabanks are expected to exceed 2 trillion yen for the first time. Roughly doubling, the banks are clearly prioritizing shareholders to benefit from the expanded interest margins caused by higher rates. 3