[Former BOJ Member Sakurai Makoto: If the Yen Falls Again, BOJ May Raise Rates in March] Former Bank of Japan (BOJ) member Sakurai Makoto stated that if the yen falls again before the Japan-U.S. summit scheduled for March, the BOJ could raise interest rates as early as March. Sakurai said, "Intervening in exchange rates only has a temporary effect in curbing yen selling pressure. The best way to address yen weakness is for the BOJ to raise interest rates." Sakurai noted that further depreciation of the yen would drive inflation higher by increasing import costs, offsetting some of the downward pressure brought by government fuel subsidies. He also added that if significant yen depreciation needs to be addressed, the BOJ could justify a rate hike as early as March, citing strong wage growth expected from corporate and union negotiations during the annual spring wage talks.