The Bank of Japan might raise rates as early as next month because the United States helped prop up the yen.

“The joint intervention essentially created a situation where Japan owes the U.S. a favor,” said Shintaro Inagaki, an economist at Mizuho Securities. “Because of this, the possibility of a rate hike in September or October is increasingly on the radar.”

Until recently, most analysts projected that the next rate increase would happen in December.