According to Jinshi Data, former Bank of Japan director Hideo Hayakawa said that the Bank of Japan is unlikely to raise interest rates this month and will cut bond purchases more significantly than expected to avoid exacerbating the weakness of the yen.

Hayakawa pointed out that it is difficult to confirm from recent data that the economic development is indeed in line with the Bank of Japan's expectations.

He also mentioned that Japan's consumer spending has been falling every quarter amid a long-term decline in real wages, which is a surprisingly weak sign for the Bank of Japan.

Hayakawa believes the central bank needs more time to assess economic data this summer.