BOJ’s Ueda Says Unsure How Many More Rate Hikes He Will Make

TOKYO—The timing of Japan’s next shift in monetary policy appears to hinge on a hard-to-pin-down detail that fascinates economists: the so-called neutral level of interest rates.

Bank of Japan Gov. Kazuo Ueda on Thursday said officials at the central bank are working to narrow a range for the neutral rate—the level viewed as consistent with economic stability. Such a decision will help inform the bank whether it needs to tighten policy more as it assesses economic data.