The Bank of Japan (BOJ) is under mounting pressure to raise interest rates sooner than expected after a rare board split in its latest policy meeting. While Governor Kazuo Ueda has maintained a cautious stance, dissent from two board members has signaled growing momentum for a rate hike, potentially as early as October. Since taking office in 2023, Ueda oversaw Japan’s first rate hike in 17 years but has since grown more dovish, warning of downside risks. However, board members are increasingly worried about steady price rises in essential goods, which could fuel lasting inflationary pressure. Still, Ueda’s stance remains pivotal, and some analysts doubt he has enough evidence to justify an October move.