Bank of Japan (BOJ) policymakers increasingly favored faster interest-rate increases as inflation risks mounted, minutes from the July 30-31 meeting showed. The nine-member board said the central bank was shifting its focus toward anchoring underlying inflation (price growth excluding temporary effects) around its 2% target. One member said hikes could come faster than markets expected, which anticipated roughly six-month intervals, because underlying inflation had approached 2%. Another urged the BOJ to adjust its policy rate nimbly, while a third warned that delaying action could cause major economic damage if inflation risks materialized. The BOJ held its rate at 1% in July after raising rates in June, then lifted it to 1.25% in September, a 31-year high, as the Middle East war and a weak yen increased fuel and raw-material import costs.