BOJ Policy Board Members and Potential June Rate Hike

Mizuho expects the Bank of Japan to raise interest rates in June 2026, driven by a growing hawkish consensus among rank-and-file policy board members.

Key Takeaways

• 1.Mizuho maintains a base-case scenario for a BOJ rate hike in June 2026.
• 2.A hawkish shift among 'rank-and-file' board members could create a majority to pressure the more cautious leadership team.
• 3.Upcoming speeches, particularly by Junko Koeda on May 21, are critical signals for the June policy decision.

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