Central banks in many countries may be entering a synchronized interest rate hike cycle, with the Bank of Japan potentially raising rates to 1%.

According to Huoxun Finance, economists at State Street Investment Management for the Asia-Pacific region stated that with increased economic resilience and rising inflation providing support, central banks around the world may enter a phase of synchronized interest rate hikes. The Bank of Japan may raise its interest rate to the psychologically key level of 1%, and has hinted at a second rate hike this year; the Reserve Bank of Australia may pause rate hikes, but may still raise rates again due to unresolved inflation issues; and the Federal Reserve may shift to a hawkish stance this weekend.