“The key point will be how much the views of Governor Ueda and the three dissenting members differ,” said Rinto Maruyama, senior FX and rates strategist at SMBC Nikko Securities Inc. “If it becomes clear that the governor’s side shares similar views, but decided to hold off on a rate hike this time, the likelihood of a rate hike in June will increase, and there will likely be further room for the yen to strengthen.”