Japan Markets Settle Higher As BoJ Summary Shows Chance Of Rate Hike

Japanese markets edged higher as the Bank of Japan's summary of opinions from its June 13-14 policy meeting showed board members debated the need for timely rate hike.

The board of the Bank of Japan discussed the chance of an early rate hike as there is rising upside risks to prices, according to the summary of opinions at the monetary policy meeting on June 13 and 14.

"there is a possibility that prices will deviate upward from the baseline scenario if another pass-through of recent cost increases to consumer prices happens," the summary said.

The Nikkei average rose 0.54 percent to 38,804.65 while the broader Topix index settled 0.57 percent higher at 2,740.19.

A weaker yen bolstered shares of export-related companies after a top currency official said authorities are ready to intervene to support the currency 24-hours a day, if needed.

Automakers Mazda Motor, Honda Motor, Toyota rose impressively.

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