News Summary

• Bank of Japan board member Hajime Takata said the time is ripe for raising the bank’s policy interest rate.
• Takata looked past political instability to reiterate his conviction after he dissented from a decision to hold policy steady last month.
• His comments indicate his unflinching support for a higher rate even as it has become increasingly likely that Sanae Takaichi, an advocate of monetary easing, will become Japan's next prime minister this week.
• He noted in his first speech after his rate hike proposal the importance of addressing inflation levels that have exceeded the BOJ's target for more than three years.