Today, the Bank of Japan remained inactive and the market took a breath. The decision statement of the Bank of Japan indicates that the Japanese economy is experiencing a moderate recovery, despite some signs of weakness. The consumption trend is moderately increasing, and inflation expectations are moderately rising. The Japanese economy may continue to grow at a rate above its potential level. The uncertainty surrounding the Japanese economy and prices remains high, with risks including trade policies of various countries and their impact on overseas economies and prices. As mentioned on Monday, the Bank of Japan also needs to assess how the global economic risks brought about by the US tariff hike may affect Japan's fragile economic recovery. In fact, the pace of interest rate hikes by the Bank of Japan can be understood by looking at Naoki Tamura, the most hawkish member of the Bank of Japan, in September last year, https://(x.com)/qinbafrank/status/1834209134167617591? S=46&t=k6rimWSEbo2D2TXolYcM-A The interest rate will increase to 1% in October 25, which will be added once every quarter. This has been the case for the past two quarters.