The Bank of Japan’s board members broadly agreed that real interest rates remain low and that, if the outlook for growth and prices is realized, the central bank would continue raising policy rates and adjusting monetary accommodation accordingly. Minutes from the October 29–30 meeting stressed the need to assess developments “without preconceptions,” given high uncertainty around global trade and policy shifts. Views differed on timing: one argued the moment to hike was nearing, but urged caution amid unclear U.S. tariff policy and Japan’s new administration. Another favored earlier action, warning yen depreciation and U.S. overheating could fuel inflation, though risks of U.S. labor imbalance and capital market adjustment persisted. A third said conditions for normalization were largely in place but emphasized confirming whether inflation was firmly entrenched. Many members also highlighted the need to examine whether moderate wage and price increases were being sustained.