The Bank of Japan will likely raise interest rates again around June or July, and seek to triple its policy rate to at least 1.5% in the next two years, former BOJ board member Makoto Sakurai said on Tuesday.

The Bank of Japan is likely to wait until the summer before it next raises interest rates, according to economists surveyed by Bloomberg. Most Read from BloombergWhat Happened to Hanging Out on the Street?

As time goes on, the BOJ’s rate increases appear to be having a stronger impact on people’s everyday lives, shifting from more abstract concepts to more concrete effects.

An indicator of investors’ inflationary expectations in Japan has risen to a record high, which could encourage the Bank of Japan to continue raising interest rates, analysts say.