On [date], the yen fell below the [threshold] mark against the dollar during trading, the first time since [specific date]. This further increases the likelihood of the Bank of Japan raising interest rates.

Although the Bank of Japan announced the maintenance of the benchmark interest rate at 0.1% during the monetary policy meeting on the 18th, today's minutes from the Bank of Japan's October monetary policy meeting revealed that there are divisions within the Bank of Japan regarding the direction of policy.

The minutes show that on one hand, some members of the Bank of Japan's Policy Board believe that if the economy and prices meet expectations, the Bank of Japan will continue to raise interest rates. Some members even stated that even if the economy and financial markets are unstable, raising interest rates is sometimes appropriate, and the Bank of Japan should gradually increase the policy interest rate, raising it to around % in the second half of the fiscal year.

On the other hand, some members expressed different views. One member stated that given the high level of uncertainty in finance and the economy, it is not advisable to change the policy interest rate level at this time. The Bank of Japan should refrain from raising interest rates until global market uncertainties diminish.

However, for the basis of the future path of the Bank of Japan's monetary policy, the minutes show that members maintained a consistent view. The minutes indicate that given the ongoing market instability, members unanimously agreed that the Bank of Japan must temporarily closely monitor market developments and the outlook for the overseas economy. Some members pointed out that the Bank of Japan must review economic data, focusing on downside economic risks, while others stated that the Bank of Japan had the time to carefully study the impact of global economic developments and financial market changes on the Japanese economy and prices.

Meanwhile, the Bank of Japan's latest outlook on the Japanese economy and inflation, presented at the monthly monetary policy meeting, remained largely unchanged compared to the previous meeting. The Bank of Japan forecasts the country's GDP for the fiscal year to grow by 1.9% (previously predicted at 2.0%), and the consumer price index (CPI), excluding fresh food, to rise by 2.8% (previously predicted at 2.5%).

For this meeting summary, Moody's analysts stated that the tone of the Bank of Japan's summary is "moderately" hawkish, "Based on the Bank of Japan's forecasts for economic growth and inflation, it still indicates that an interest rate hike is imminent. The only question is the timing; the yen is still weakening, and we predict that the Bank of Japan will raise interest rates before the end of this year."

Analysts at Citibank also believe that if the yen accelerates its depreciation, it could force the Bank of Japan to raise interest rates this month. It is reported that the yen has continued to weaken against the dollar recently, falling by more than % in the month, and has been hovering around yen to the dollar since the beginning of the month, once breaking through the yen to the dollar mark, the lowest level in more than three months.

Analysts at Goldman Sachs believe that the Bank of Japan will raise interest rates next year. "The timing of the next BOJ rate hike may largely depend on the global economic situation, the yen exchange rate, and its impact on the Japanese economy. A weaker yen increases the cost of imported energy and food, putting pressure on Japanese households, which often prompts the BOJ to raise rates earlier to curb inflation."