By Leika Kihara

TOKYO (Reuters) -Bank of Japan board member Asahi Noguchi said on Monday the need for an interest rate hike is increasing “more than ever,” as upside economic and price risks outweigh downside risks.

Various economic indicators for Japan show steady progress in achieving the BOJ’s 2% inflation target, with companies passing on rising costs more actively and signaling a readiness to keep increasing wages, Noguchi said in a speech.

“When Japan’s economy was experiencing prolonged zero inflation, downside risks to prices required more attention than upside risks, and maintaining accommodative financial conditions was therefore a top priority,” he said.

“Now, it’s necessary to consider not only downside but upside risks with the labour market close to full employment and th

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