According to Jin10, former Bank of Japan (BOJ) chief economist Toshitaka Sekine has indicated that the ongoing conflict in Iran is escalating inflation risks, providing a strong rationale for the BOJ to consider a rate hike as early as this month. In an interview on Wednesday, Sekine stated, "If the intention is to assess the situation, I believe action in April is feasible. By the end of April, we should at least know whether the impact of the Middle East situation is merely temporary." While experts continue to debate whether the geopolitical shock will lead to inflation or deflation for resource-scarce Japan, Sekine's comments suggest that the BOJ may have increased confidence in the necessity of a rate hike when setting policy on April 28. Having served at the BOJ for over 30 years, Sekine speculates that central bank officials may align with his view, as the minutes from the March policy meeting clearly show growing concern among committee members about inflation risks.