Citigroup’s Hoshino sees risk of three BOJ hikes in 2026 if yen stays weak

On January 20, 2026, Citigroup’s Akira Hoshino said the Bank of Japan could raise rates three times in 2026 if yen weakness persists, including a 25 bps move to 1% in April should USD/JPY breach ¥160. He cited negative real rates and projected a 150–165 range for the currency, while swap pricing implied a 90% chance of a December hike.