The Bank of Japan kept interest rates steady at 0.5% but Governor Kazuo Ueda flagged that a rate increase may come in December or January, with timing dependent on wage growth and the yen’s strength. The board upgraded its growth forecast while maintaining caution amid global uncertainties. The hawkish tone was notable given the BOJ’s recent easing campaign, and the comments triggered speculation about returning to normalisation earlier than expected in Japan’s ultra-low interest rate era.