BoJ's Masu says need to raise rate at earliest stage possible, adds due attention should be paid to whether inflation triggered by the Yen's depreciation may raise people's inflation expectations and, in turn, affect underlying inflation

Says:

• Although it remains below 2% Japan's underlying inflation rate is drawing very close to the 2% target.
• BoJ will continue to raise rates in response to economic, price, financial developments.
• Japan has clearly entered an inflationary phase.
• What is vital from now on is to ensure that, through timely and appropriate policy rate hikes, underlying inflation rate does not exceed 2%.
• There were mixed views among policy board members at the April meeting on whether to raise the policy interest rate immediately, while he judged at the April MPM that the situation did not warrant a hasty policy rate hike.
• He's convinced BoJ needs to raise the policy interest rate further, so that it falls solidly within the estimated range of neutral interest rate. 
• If inflation is not contained at an appropriate level, this could lead to a vicious cycle in which firms have to further raise wages to retain workers.
• Given Japan is no longer in deflationary period, negative real rates should be addressed as soon as possible.