On April 27, economists from SMBC Nikko Securities stated that the Bank of Japan may raise its inflation forecast in the quarterly report to be released on Tuesday, but this move does not necessarily mean that it will accelerate the pace of interest rate hikes. Analysts noted, "Since this round of inflation is primarily driven by costs, the Bank of Japan is unlikely to view it as a change in potential inflation." They added, "This is unlikely to prompt the central bank to speed up its current expected rate hike pace of approximately once every six months." In the January report, the Bank of Japan projected that consumer inflation, excluding fresh food, would rise to 1.9% by the fiscal year ending in March 2027.