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Bank of Japan Governor Kazuo Ueda recently stated that wage growth is driving inflation gradually towards the 2% target, and currently the real interest rate remains relatively low. As long as the economic performance remains uneventful, the central bank will stick to its rate hike path without wavering. Interestingly, the tariff risks on the US side have eased, and Japan's domestic economic resilience is also strengthening, creating conditions for policy adjustments that are expected to support longer-term economic growth. In other words, the rate hike cycle still has to continue.