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?

For some economists, the latest move was too completely priced in, begging the question of how explicitly the BOJ intends to signal its plans in the future.

Bank of Japan board members discussed how to use estimates on the economy's neutral interest rate to determine further hikes in borrowing costs, with one saying the BOJ's policy rate was still far from that level,

Bank of Japan (BoJ) Governor Kazuo Ueda said on Thursday that the board members “will debate at next week's meeting whether to hike rates.” Will raise policy rate this year if economic, price conditions continue to improve. How to proceed with monetary policy adjustment will depend on economic, price, financial conditions at the time.

Bank of Japan board members discussed how the central bank should use estimates on the economy's neutral interest rate in guiding policy, with one saying the BOJ's policy rate was still far from that level,