Japan raised interest rates, but the yen failed to strengthen. Instead, the USD/JPY exchange rate quickly broke through 157, hitting a one-month high. The key lies in Kazuo Ueda's statement—Ueda did not provide clear guidance on the timing of the next rate hike or the terminal rate. Although he emphasized that 'real interest rates are still significantly negative, and the financial environment remains accommodative,' the lack of clarity leads the market to believe the pace will be very gradual and incremental.