<div id="readability-page-1"><div> By Megumi Fujikawa <pre></pre> TOKYO--Bank of Japan policymakers continued to see a need to raise interest rates at their last meeting in April, even as they remained cautious about how the Middle East conflict will affect Japan's economy. A summary of opinions expressed by the BOJ policy board shows that the central bank has grown increasingly concerned about a potential rise in underlying inflation stemming from war-driven disruptions to oil and gas prices. But with the fallout from the conflict also threatening to derail Japan's economic recovery, analysts expect the BOJ to tread carefully in deciding the timing of its next rate hike. &#34;The situation in the Middle East remains unclear, and the current circumstances do not suggest a pressing need to quickly raise the policy interest rate,&#34; one policy board member was quoted as saying in the summary of the bank's April 27-28 meeting. &#34;However, given that the impact on Japan's economy will become apparent to some degree, it is quite possible that the bank will raise the policy interest rate from the next MPM [monetary policy meeting] onward, even if the future course of the situation in the Middle East remains unclear,&#34; the member added. The summary, released Tuesday, doesn't identify speakers. Last month, the BOJ kept its policy rate unchanged at 0.75% amid intense geopolitical uncertainty, and raised its inflation forecasts to reflect higher crude prices. One member floated the idea of raising the policy rate every few months, with the possibility that the bank might have to accelerate the pace of tightening if inflationary risks increase. &#34;A further rise in domestic distribution costs due to the surge in fuel costs cannot be avoided, and this could bring forward the timing for underlying CPI [consumer price index] inflation to reach 2%,&#34; a board member said. There was also an opinion that the surge in crude oil prices could push up not only energy costs but also prices of a wide range of items. &#34;Since the main risk factor for a downward deviation in economic activity is a rise in prices, the bank should make it a priority to carry out its mission as the guardian of price stability and thereby contain a downward deviation of economic activity,&#34; one member said. <pre></pre> Write to Megumi Fujikawa at megumi.fujikawa@wsj.com <pre></pre> (END) Dow Jones Newswires May 11, 2026 21:06 ET (01:06 GMT)Copyright (c) 2026 Dow Jones &amp; Company, Inc.</div></div>

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日本銀行的政策制定者正在考慮提高利率，因為他們對與地緣政治緊張局勢（特別是中東地區）相關的通貨膨脹上升表示擔憂。儘管需要對日本經濟復甦保持謹慎，但在下次貨幣政策會議上加息的可能性依然存在。日本銀行上個月將政策利率維持在 0.75%，並上調了通脹預測，未來加息的頻率將根據通脹壓力進行討論。中央銀行旨在在成本上升的情況下優先考慮價格穩定

BOJ Remains on Track to Hike Rates Hikes, Opinion Summary Shows

- 日本央行政策制定者在 4 月會議上討論了加息的必要性。  
- 由於中東衝突可能影響日本經濟及通脹，央行態度謹慎。  
- 分析師預計，未來加息的時機將保持謹慎，以應對經濟復甦風險。

意見摘要顯示，日本央行仍在加息的軌道上