[Survey: Most Economists Expect the Bank of Japan to Raise Interest Rates in July, Exchange Rate as Key Variable] Jinshi Data, January 16 – Most Bank of Japan observers believe that Governor Kazuo Ueda and his colleagues are too slow in their pace of rate hikes, with the next action expected to take several more months. A survey of economists conducted by institutions shows that the key variable lies in the exchange rate, as the continued depreciation of the yen may force the Bank of Japan to accelerate its pace of action. All respondents predicted that policymakers would maintain the benchmark interest rate at 0.75% during the January meeting. The most anticipated timing for a rate hike is July, with 48% of surveyed economists expecting it to occur that month, far exceeding the 17% who chose April and June respectively. The Bank of Japan's Policy Board raised interest rates to a thirty-year high last December, but only 35% of observers believe the current pace of rate hikes is appropriate, while over 60% of respondents indicated that the monetary policy normalization process starting in March 2024 is too slow or somewhat slow.