--- title: "Former BOJ Policy Board Member: If the yen depreciates further before the Japan-U.S. summit, the earliest rate hike may be in March" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/276567046.md" description: "Former Policy Board Member of the Bank of Japan, Makoto Sakurai, stated that if the yen depreciates again before the Japan-U.S. summit, the Bank of Japan may raise interest rates as early as March. He mentioned that the depreciation of the yen would increase import costs and add inflationary pressure, suggesting that raising interest rates could address the weakness of the yen. Makoto Sakurai also predicted that the Bank of Japan may need to raise interest rates multiple times in the coming years to maintain economic stability" datetime: "2026-02-23T07:12:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276567046.md) - [en](https://longbridge.com/en/news/276567046.md) - [zh-HK](https://longbridge.com/zh-HK/news/276567046.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/276567046.md) | [English](https://longbridge.com/en/news/276567046.md) # Former BOJ Policy Board Member: If the yen depreciates further before the Japan-U.S. summit, the earliest rate hike may be in March According to the Zhitong Finance APP, Makoto Sakurai, a former policy committee member of the Bank of Japan, stated that if the yen begins to decline again before the Japan-U.S. summit scheduled for this month, the Bank of Japan may raise interest rates as early as March. Prime Minister Sanae Takaichi is expected to visit Washington around the time of the Bank of Japan's next policy meeting on March 18-19 to meet with U.S. President Trump. In an interview on Friday, Makoto Sakurai mentioned that Takaichi may seek the Bank of Japan's assistance in curbing the depreciation of the yen, as the fact that Washington conducted a rate check last month to support the yen indicates that the U.S. prefers a stronger yen against the dollar. "Currency intervention only has a temporary effect in combating the selling pressure on the yen. The best way to address the weakness of the yen is for the Bank of Japan to raise interest rates," Sakurai stated. He maintains close contact with current policymakers. Sakurai noted that a further decline in the yen would raise inflation through higher import costs and partially offset the downward pressure from government fuel subsidies. He added that if there is a need to respond to a sharp decline in the yen, the Bank of Japan could provide justification for raising interest rates as early as March by pointing to the strong wage growth prospects in the annual spring wage negotiations between companies and labor unions. "Waiting until April would make more sense, but depending on the yen's trend, the Bank of Japan could raise interest rates in March," Sakurai said. Sakurai served as a policy committee member of the Bank of Japan from 2016 to 2021, during which the bank began shifting its policy focus from large-scale asset purchases to controlling long-term interest rates through the introduction of yield curve control. He indicated that the Bank of Japan may need to raise interest rates twice each in 2026 and 2027 to increase its policy rate (currently at 0.75%) to 1.75%, which is likely a neutral level that would neither cool down nor overheat the economy. Sakurai warned that raising interest rates too quickly could impact Japan's banking system by increasing the number of small business bankruptcies and harming the balance sheets of regional banks. The Bank of Japan ended its decade-long large-scale stimulus program in 2024 and has raised interest rates multiple times, including increasing its short-term policy rate to 0.75% in December, a 30-year high. With inflation rates exceeding the Bank of Japan's 2% target for nearly four years, Governor Kazuo Ueda has indicated that the Bank of Japan is prepared to continue raising interest rates if its economic forecasts are realized. Most economists surveyed expect the Bank of Japan to raise rates to 1% by the end of June, while the market has priced in a roughly 70% chance of a rate hike before April. The Bank of Japan's next policy meeting is scheduled for March 18-19. Its policy committee will then meet on April 27-28, during which new quarterly growth and inflation forecasts will also be released. The weakness of the yen has become a political dilemma for Japanese policymakers, as it harms households and retailers by driving up the costs of imported fuel and food. Since the dovish Takaichi took office as Prime Minister in October last year, the yen has depreciated by about 8% against the dollar, hitting an 18-month low of 159.45 in January Although it has regained some lost ground, the yen is currently hovering around 155—far below the 147 level before Haruhiko Kuroda took office ### 相關股票 - [Pro Ultr Yen (YCL.US)](https://longbridge.com/zh-HK/quote/YCL.US.md) - [Asset Management One Co., Ltd. (1369.JP)](https://longbridge.com/zh-HK/quote/1369.JP.md) - [Currencyshares JPY Trust (FXY.US)](https://longbridge.com/zh-HK/quote/FXY.US.md) - [Mitsubishi UFJ Financial Group, Inc. 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