Mitsubishi UFJ said that the meeting notes of the Bank of Japan's July 31 meeting sent a clear signal of further interest rate hikes, and the yen should recover further. In a note, analyst Lee Hardman said meeting notes released on Thursday showed that some committee members described the policy rate as significantly low and highly accommodative, even after the policy rate was raised to 0.25 percent. "If the financial marekt stabilizes and the yen's rally slows, it still seems likely that the BoJ will raise interest rates at least once more this fiscal year." That would support the prospect of further yen gains in the year ahead.