Bank of Japan board members discussed how to use estimates on the economy's neutral interest rate to determine further hikes in borrowing costs, with one saying the BOJ's policy rate was still far from that level,

The Bank of Japan is likely to wait until the summer before it next raises interest rates, according to economists surveyed by Bloomberg. Most Read from BloombergWhat Happened to Hanging Out on the Street?

As time goes on, the BOJ’s rate increases appear to be having a stronger impact on people’s everyday lives, shifting from more abstract concepts to more concrete effects.

The Bank of Japan will likely raise interest rates again around June or July, and seek to triple its policy rate to at least 1.5% in the next two years, former BOJ board member Makoto Sakurai said on Tuesday.