BOJ Rate Outlook  Ex-BOJ member Makoto Sakurai expects three more rate hikes, taking Japan’s policy rate to 1.5% by early 2028 under Governor Ueda. First hike to 1.0% likely around mid-2026, depending on US growth, wage momentum, and inflation staying above 2%. BOJ views 1.75% as neutral, so even 1.5% remains supportive for the economy. Rate hikes may happen once every six months, but political pressure could slow the pace. Despite recent hikes, the yen remains weak, with markets more worried about Japan’s fiscal spending than monetary policy. In short: BOJ is slowly exiting ultra-easy policy, but normalization will be gradual, cautious, and politically sensitive, keeping the yen volatile in the near term.