Notes from the Bank of Japan’s July policy meeting show that a decision by policymakers to raise the key rate was intended to prevent the weak yen from inflating prices.
The newly-released minutes reveal board members were concerned about the growing impact of the currency on household costs.
At the time, the yen had fallen all the way to the 160 range against the dollar.
The bank lifted the rate for the second time this year, raising it to around a quarter of a percent.
Some members noted that Japan had already logged two years of inflation exceeding 2 percent. They said the risk of further price rises was an important factor in policy decisions.
The board members also said a small rise in the interest rate wouldn’t hurt economic activity.