The Bank of Japan will likely raise interest rates again around June or July, and seek to hike 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?

Further deliberations are expected to be required for the Bank of Japan to explore future interest rate hikes, with its key policy rate having approached the highest level in three decades, threatening flagging consumption.

Japanese people are feeling the impact from higher interest rates at a more personal level, according to analysis of social media activity following the central bank’s latest policy decision.