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On July 31, the Bank of Japan concluded a two-day monetary policy meeting and decided to raise the policy interest rate from 0% to 0.1% to around 0.25% and reduce the scale of government bond purchases. This is the first interest rate hike since the Bank of Japan ended its negative interest rate policy in March this year.

On the same day, Bank of Japan Governor Kazuo Ueda said at a press conference that if the economy and prices develop as expected, the Bank of Japan will continue to raise policy interest rates. Japanese economist Saisuke Sakai believes that the interest rate hike may have an impact on Japanese household deposits and corporate borrowing rates to a certain extent.

Saisuke Sakai, chief economist at Mizuho Research & Technology Co., Ltd.This time, the Bank of Japan raised the policy rate to 0.25%. Although the rate hike is not large, it will have a certain negative impact on households with housing loans or companies with debts, especially small and medium-sized enterprises. However, since the rate hike is relatively small, the impact on the overall economy will not be too great. If the policy rate is raised to 1% or higher in the future, it may cause monetary policy to turn to tightening, and the affected groups may increase.

Japanese experts: The depreciation trend of the yen may be curbed

In addition, the Bank of Japan has also decided to reduce the scale of its purchases of Japanese government bonds in the next 1 to 2 years. In the foreign exchange market, Japan's interest rate hike will narrow the interest rate gap between Japan and the United States, and whether it can change the trend of the sharp depreciation of the yen against the US dollar has attracted attention. Regarding the future direction of Japan's financial policy and the development of the Japanese economy, Saisuke Sakai said that the depreciation trend of the yen may be curbed and enter a slow appreciation stage, but due to the insufficient recovery of the Japanese economy, the rate of interest rate increase and the appreciation of the yen may be relatively slow.

Saisuke Sakai, chief economist at Mizuho Research & Technology Co., Ltd.I think there may be one more rate hike this year, raising the current policy rate by another 0.25%. After the current rate hike by the Bank of Japan, it is expected that there will be a period of high market volatility, and I think the appreciation of the yen may gradually slow down afterwards.