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Japan on track to normalize monetary policy, says heavyweight ruling party

Japan sees conditions emerging for the central bank to normalize monetary policy, ruling party heavyweight Katsunobu Kato said, underscoring growing political support for further rate hikes.

But Kato said the Bank of Japan should keep a close eye on economic conditions and work carefully with the government in determining when to raise interest rates.

“Japan is shifting to an era in which prices and wages are rising, from an era in which both are barely moving,” said Kato, a former cabinet secretary and ruling party veteran who is seen by some analysts as a candidate to become a future prime minister.

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