A summary of opinions from the Bank of Japan's July monetary policy meeting, reported on Aug. 10, showed several members believe the pace of rate hikes could be faster than markets expect given Japan's economy, prices and financial conditions. A Cabinet Office representative said appropriate monetary policy that helps achieve price stability is essential to building a strong economy and said the Bank of Japan should coordinate closely with the government. Members also stressed the need to adjust the policy rate nimbly and flexibly while watching upside inflation risks, move above the lower end of the estimated neutral rate (rate that neither boosts nor slows growth) to achieve policy normalization, and show clear resolve to prevent inflation from overshooting as price pressures may begin to emerge from summer.