Preview: BoJ To Hike Rates in December, As Inflation Shows Signs Of Persistence

by Brunello Rosa and Nato Balavadze

In this paper, we discuss:

• The Bank of Japan’s expected rate hike to the highest level in decades;
• Governor Ueda’s signal that further tightening would still be “easing off the accelerator”;
• A weakening growth backdrop, including a Q3 GDP contraction, alongside resilient inflation;
• Expected market implications with investors focused on Ueda’s guidance for the pace of future hikes.

Download PDF: BoJ Preview December 2025