Minutes from the Bank of Japan’s April meeting show many members want more time to assess how developments in the Middle East could affect Japan’s economy and price outlook. Several participants said the likelihood of core inflation hitting target is low and that weighing downside growth risks against upside inflation risks is difficult. While some argued that conditions are not yet urgent enough to justify faster rate hikes, the board agreed that, given the evolving economic and financial landscape, further tightening remains appropriate. Members noted that if inflation risks outweigh growth risks, the BOJ could consider accelerating rate increases, especially if Middle East conflicts persist and threaten price stability.