The Bank of Japan (BOJ) released its Summary of Opinions from the July 30-31 Monetary Policy Meeting, projecting that underlying CPI inflation is likely to gradually increase, reaching a level consistent with the price stability target (around 2%) between the second half of fiscal 2026 and fiscal 2027. Opinions highlighted significant upside risks to prices throughout the projection period, driven by factors such as geopolitical risks, climate change, strong AI-related demand, and expansionary fiscal policies.