This is from Reuters, citing five sources familiar with Japan's central bank's thinking. The sources said there is still no clear consensus on the decision for December. That's considering some policymakers feel the conditions are right to continue with another rate hike. But on balance, many policymakers think they shouldn't rush into a decision because there is little risk of hyperinflation in Japan.
It is said that policymakers want to avoid the idea that the BOJ is in a hurry to raise rates towards the neutral zone. But they believe there is more awareness that conditions are falling in place for another rate hike.
They may, however, feel more compelled to act if next week's Fed meeting prompts a fresh fall in the Japanese yen. However, that appears to be a key basis for the BOJ to proceed rather thinly.
One of the sources says that if the Fed doesn't stop, which will encourage the dollar to rise, that could put pressure on the BOJ to intervene to stop any major movement in the yen.
