The Bank of Japan will probably increase its benchmark rate next month, according to Makoto Sakurai, who served on the central bank's board from 2016 to 2021. | FRANCIS TANG

The Bank of Japan will probably raise its benchmark rate next month at a meeting that will determine whether authorities can keep from falling behind the curve in fighting inflation, according to a former board member of the central bank.

“They will probably raise rates this time,” Makoto Sakurai, who served on the BOJ’s board from 2016 to 2021, said in an interview on Friday. “If they don’t, their policy will fall into a state of being behind. This meeting is of grave importance.”

Sakurai added that the June 15-16 meeting comes at a critical juncture for the BOJ.…