The Bank of Japan's October policy meeting minutes, released on December 24, 2025, reveal concerns among members about rising inflation risks. Several officials noted inflation expectations at 2%, with some linking fiscal policy to economic forecasts. While a minority observed core inflation increasing, it remains below target. One member projected reaching the 2% inflation target by spring 2026, potentially driven by wage growth. Concerns were also raised about a weaker yen increasing import prices, which could lead to overshooting inflation targets.