JPMorgan Asset Management said the Bank of Japan would avoid raising interest rates again in the short term, and further tightening could depend on the direction of the US economy. "The BoJ actually has a path to move again, but that's a path for the Fed to cut rates and try to stabilise the US economy," said Seamus Mac Gorain, head of global rates at JPMorgan Asset Management. "Of course, if the US goes into a recession, the road is blocked." Mr. Gorain believes further monetary tightening could take until 2025. He said in an interview that the Bank of Japan could make a series of rate hikes, subject to a fairly benign global backdrop. "Obviously, the BoJ is not going to act until markets have stabilised," Mr. Gorain said. "It certainly also depends on whether the U.S. and global economies avoid recession."