BoJ Minutes from July meeting stated members agreed financial conditions are accommodative and many members noted firms are steadily passing on rising raw material costs, keeping inflation elevated

Says: A few members said consumer prices are showing signs of rising, reflecting higher import costs. Many members said medium and long-term inflation expectations are heightening both for households and companies. Many members said price rises for consumer goods are likely to broaden from summer onwards. Many members said underlying inflation recently approaching 2%, requiring focus on stabilising price growth around that level. A member said must focus on whether long-term inflation expectations will stabilise around 2%. One member said markets appear to expect BoJ to raise rates about once every six months, but hikes could come more quickly. One member said bank must adjust policy rate nimbly with focus on upside inflation risks.