BoJ September meeting Minutes stated members agreed it was appropriate that the bank continue to raise the policy interest rate and adjust the degree of monetary accommodation

Many members agreed that it was challenging to determine the neutral interest rate beforehand. Many members said the BoJ should adjust policy while assessing changes in financial conditions, including short-term interest rates, and their impact on economic activity and prices. One member said it was preferable for the Bank to bring the policy interest rate closer to its approximate target relatively soon and maintain scope for nimble adjustments in either direction. One member said it was important to show the BoJ's determination to prevent upward deviations in prices through a swift response to overseas economic conditions and price developments. One member said that if signs of an upward deviation in prices emerged, the Bank would need to quicken the pace of rate hikes. One member said the BoJ did not need to act hastily but should conduct policy appropriately to prevent excessive, sustained price rises. One member said the Bank should continue to act promptly without becoming excessively cautious. The Ministry of Finance representative expects the BoJ to fulfil its accountability regarding decisions at the meeting and closely examine the cumulative effects of previous rate hikes. The Cabinet Office representative said it might be necessary for the BoJ to take into account its estimates of the neutral interest rate. The Cabinet Office representative said it was important for the BoJ to take proactive and suitable action in the event of excessive fluctuations in economic activity and markets.