The Bank of Japan (BOJ) has indicated a potential interest rate hike as early as December 19, 2025, according to the latest policy meeting minutes released on November 10, 2025. The minutes reveal a 7-2 vote by the nine-member committee to maintain current rates during the October 30 meeting. One committee member suggested that conditions for further monetary policy normalization are likely in place, highlighting the importance of monitoring inflation trends. This development aligns with recent statements from Governor Kazuo Ueda, suggesting that the BOJ could take action in the coming months. Market analysts now anticipate a rate increase by January 2026 at the latest, with speculation focused on whether the adjustment will occur in December or January.