Bank of Japan Summary of Opinions Backs Faster Hikes as the Yen Tests 160

USD/JPY traded at 159.86 intraday on Wednesday, near the weakest levels for the yen in decades, and a Bank of Japan document released Tuesday in Tokyo explains why the currency is getting no relief from policy. The central bank's summary of opinions from its October 29-30 meeting shows a board genuinely split over how fast to raise interest rates, even as one faction argues the time has come to accelerate. Analysts polled by Reuters still expect a hike to 1.5 percent in December, but the debate now visible inside the Bank of Japan is the market's next variable.

Key Takeaways The Bank of Japan kept its policy rate at 1.25 percent at the October meeting, and its summary of opinions, released No…