The Bank of Japan’s policy board agreed that raising its benchmark interest rate is necessary to maintain price stability, according to the bank’s recently released records from a September meeting. The minutes reveal a consensus that the bank should continue increasing rates and moderating monetary easing, with some members urging the BoJ to bring the policy rate closer to its target “relatively soon” and act promptly rather than being too cautious. One board member specifically warned that the pace of rate hikes would need to accelerate if signs of upward price deviations emerge.

Separately, Prime Minister Takaichi said she intends to use the revenue from the central bank’s accelerated sales of exchange-traded funds to secure funding for public investments and initiatives essential to Japan’s economic security. The proceeds from the sales—which are currently occurring at a rate of approximately $5.5 billion per year—could be used to cover bond payments to support government spending.

The records follow an Oct 30 decision to leave the short-term interest rate at 1.25% in an 8-1 vote. During that meeting, Governor Kazuo Ueda noted that underlying inflation had reached the bank’s 2% target for the first time since 2013, though he refused to formally declare that the bank had won its battle against deflation until the current price trend is sustainably maintained.