BWC member Paul Sheard recently appeared on an episode of Kathleen Hays’ Central Bank Central podcast to reflect on the Bank of Japan’s recent rate increase to a 30-year high, drawing on nearly three decades of experience tracking Japanese monetary policy.

Sheard discusses what will determine the pace of future hikes—including inflation expectations, wage growth, and the yen—and explains why he expects a gradual tightening path ahead, while remaining relatively unconcerned about rising yields or currency weakness.

Watch the full episode:

All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.