The Japanese yen hovered around 147.3 per dollar on Friday and was poised to finish the week largely unchanged, as minutes from the Bank of Japan’s July meeting showed policymakers split on the timing and pace of future rate hikes. Several members warned of mounting inflationary pressures and argued for taking opportunities to raise rates gradually, to avoid the need for rapid tightening later. One member even suggested a rate increase by year-end. Others favored maintaining the current accommodative stance for now, citing significant uncertainty over whether the bank’s economic projections will be realized. The board also flagged ongoing risks from US tariffs, while highlighting Japan’s recent trade deal with the US as a positive development. On the economic front, June household spending in Japan slowed sharply as consumers faced the combined pressures of US tariffs and persistent inflation.