The Bank of Japan raised interest rates on Friday to their highest since the 2008 global financial crisis, underscoring its confidence that rising wages will keep inflation stable around its 2% target.

Further deliberations are expected to be required for the Bank of Japan to explore future interest rate hikes, with its key policy rate having approached the highest level in three decades, threatening flagging consumption.

For some economists, the latest move was too completely priced in, begging the question of how explicitly the BOJ intends to signal its plans in the future.