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.

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.

Further deliberations are expected to be required for the Bank of Japan to explore future interest rate hikes, with its key policy rate having approached the highest level in three decades, threatening flagging consumption.

The central bank is likely to pause a while before bringing the rate up to 0.75%, the highest rate since 1995.

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.