Japan ruling Liberal Democratic Party (LDP) big gun supports Bank of Japan rate hikes

Ruling Liberal Democratic Party (LDP) big gun Shigeru Ishiba is viewed as a prime potential candidate for
Japan’s next prime minister. He has publicly endorsed the Bank of Japan’s policy
of gradually raising interest rates:

• Bank of Japan is on the right policy track to
  gradually align with a world with positive interest rates
• “The negative aspects of rate hikes, such as a stock market
  rout, have been the focus right now, but we must recognise their
  merits, as higher interest rates can lower costs of imports and
  make industry more competitive”

The LDP holds a leadership election in September.

USD/JPY is higher in early Tokyo trade. Around 144.95 as I post.

This article was written by Eamonn Sheridan at www.forexlive.com.