The Bank of Japan is stepping closer to a rate increase, with policy board members expressing confidence that, barring any deviations for forecasts or unforeseen events, a move upward is likely. The policy board met for two days, on Oct. 29 and Oct. 30, voting to keep the policy rate at 0.5%. It has been at that level since January even as inflation remains stubbornly high. A summary of opinions from that meeting was released on Monday.

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