JP Morgan Research discusses the summary of opinions from the BoJ's June meeting.

"The summary of opinions from the BoJ's June meeting confirmed the Board's hawkish bias and helped justify the decision to hike. Looking ahead, many members appeared to support continuing rate hikes, but relatively few commented on the pace or specific timing of further moves. That said, two members argued for accelerating the hiking pace," JPM notes.

"Overall, the tone suggests that the Board sees downside risks to domestic and global growth receding, while concerns about upside inflation risks are intensifying. We continue to expect the next rate hike to come in October, driven by yen depreciation and ongoing inflationary pressures," JPM adds.