It is reported that the Bank of Japan is considering raising its inflation expectations to reflect the surge in rice prices and the weakening of the yen

Officials from the Bank of Japan may discuss raising inflation expectations at this month's policy meeting, primarily due to the surge in rice prices and the weakening of the yen. The current forecast is for the core price index to rise by 2% this fiscal year, 1.9% next year, and 2.1% the year after. If expectations are raised, it could support the argument for interest rate hikes. The market generally expects the necessity of interest rate hikes to be discussed at the meeting on January 23rd to 24th. Although the inflation trend is in line with expectations, officials will carefully assess the data before deciding whether to raise the benchmark interest rate