Weak yen boost to inflation could raise appropriate rate level
BOJ should raise rate 39;without too much delay,39; said one member
Renewed passthrough could lead to inflation overshoot
BOJ kept ultralow rates intact in June, eyes on July meeting

TOKYO, June 24 Reuters The Bank of Japan debated in June the chance of a nearterm interest rate hike with one policymaker calling for an increase without delay to address risks of inflation overshooting expectations, a meeting summary showed on Monday.

The discussion highlights the board39;s growing awareness over heightening inflationary pressure in the world39;s thirdlargest economy, which could prod the BOJ to debate raising interest rates as early as its next policy meeting on July 3031.

The yen39;s recent declines have heightened the possibility of an upward revision to the BOJ39;s inflation forecasts, which means the appropriate level of its policy rate could move higher, one member was quoted as saying at the June 1314 policy meeting.

The BOJ must continue to closely monitor data leading up to the next policy meeting in July, as upside risks to prices have become more noticeable, said another opinion. If deemed appropriate, the BOJ should raise its policy rate without too much delay.

The central bank must consider whether further rate hikes are needed as inflation could exceed its forecasts if companies renew efforts to pass on recent rising costs, a third opinion said.

Some in the ninemember board, however,…