TOKYO (Reuters] – Japan’s Bank of Japan (BOJ), will adopt a more hawkish stance on its direction on the future course of monetary policies. This includes phasing out a pledge that it would increase stimulus if required, Naomi Muguruma, a veteran bank analyst, stated on Thursday.

Muguruma speculated that this tweak might be at the central banking’s meeting of policy makers in October. He had originally expected the tweak in July.

Muguruma is a well-known BOJ watcher and has been following its policies for many years. This projection comes in spite of Governor Haruhiko Kuroda’s assurances that the BOJ will not rush to withdraw stimulus.

According to the BOJ’s current guidance, it says that “it won’t hesitate to make additional easing measures” and anticipates that short- and longer-term policy interest rate will “remain at or below their current levels.”

Muguruma indicated that it is likely to change its guidance, saying that it would “maintain current short- and longer-term rates for the time being.”

She said that the tweak might slow down the rate of yen falls by making the BOJ’s outlook on policy seem less dovish.

Muguruma explained that “with the yen falling to 20-year lows against USD, it’s not necessary to stick with a guidance which eyes a possible deeperening of negative rate,”

In a policy known as yield curve control, BOJ promises to keep the short-term rate at -0.1%. The 10-year bond yield will be capped at 0%. This is to help support low borrowing costs and growth.

While inflation remains subdued, and the economy is weak, BOJ consistently stated it will maintain a monetary policy of ultra-low interest rates. With the Federal Reserve’s aggressive rate rise plans, the Federal Reserve has raised the interest rate differential and pushed the yen down to its lowest level in two decades against the dollar.

On April 27-28, the BOJ holds a policy meeting.