The Bank of Japan will continue to raise interest rates if the economy and prices perform as expected, according to a paper submitted by Kazuo Ueda, governor, to a government panel. Mr. Ueda submitted a paper on Tuesday explaining the BoJ's July policy decision to a government panel on economic and fiscal policy chaired by Fumio Kishida, prime minister. The yen strengthened modestly to around 146.20 against the dollar on the news that Mr. Ueda maintained his stance. Mr. Ueda believed that economic conditions remained accommodative even after the July rate hike, with real interest rates remaining significantly negative, the document said. The central bank adjusted its easing level in July as the economy and prices moved in line with the central bank's forecast outlook and there were upside risks to prices, the document said. Pimco Japan expects the BoJ to raise interest rates again as early as January.