BoJ September Minutes Show Board Backed Further Hikes Amid Oil Surge

Minutes from the Bank of Japan's September meeting revealed policymakers broadly agreed on further interest rate hikes, shifting focus to stabilizing inflation near its 2% target. The board had voted 7-2 to raise the benchmark rate by 25 basis points to 1.25%, the highest since 1995, driven by an approximate 50% surge in crude oil prices since July. Dissenting members Toichiro Asada and Ayano Sato favored holding rates at 1.00% citing soft consumption, while Cabinet Office representatives urged caution regarding cumulative tightening. The release keeps market expectations elevated for a possible December move.