The Bank of Japan must steadily raise interest rates to guard against the risk of inflation accelerating well above its 2% target, said Takeo Hoshi, an academic with knowledge of the country's monetary policy.

Bank of Japan Governor Kazuo Ueda and his deputy indicated there is scope for gradually raising interest rates now that the nation has shifted away from an inflation norm of 0%.

Inflation in Tokyo accelerated in May, keeping the Bank of Japan largely on track to consider a rate hike in coming months even as the economy continues to show signs of weakness.Most Read from BloombergDonald Trump Becomes First Former US President Guilty of CrimesSouth Africa Election Results With 29% Voting Districts InWorld’s Largest Nuclear Plant Sits Idle While Energy Needs SoarTrump Is Guilty on All Counts in Hush-Money Case.

The Bank of Japan may raise interest rates if sharp falls in the yen boost inflation or the public's perception of future prices move more than expected, board member Seiji Adachi said on Wednesday. While short-term currency moves alone would not trigger a policy shift,

Core consumer prices in Japan's capital rose 1.9% in May from a year earlier, data showed on Friday, accelerating from the previous month and keeping alive market expectations the central bank

The Bank of Japan’s recent release of data regarding underlying inflation has raised significant concerns about the trajectory of the country’s economic recovery and the central bank’s monetary policy decisions.