According to Jinshi Data, Mizuho Securities economist Yasunari Ueno said that if the Bank of Japan raises interest rates today, it will create opportunities for the bank to raise interest rates again later this year. He also pointed out that this will help avoid taking action before the autumn political activities and causing dissatisfaction among lawmakers.

On the other hand, Ueno added that any recovery in private consumption confirmed in July was "clearly premature." He believes this will give the market the impression that the Bank of Japan will ignore any convincing logic and force a policy change in order not to miss any opportunity to normalize policy.