Nomura Securities: In response to the inflation risk that may arise from the depreciation of the yen, the Bank of Japan will raise interest rates in June. However, several economists in the latest Reuters survey believe that the Bank of Japan may choose to hold its fire and wait until the situation in the Middle East becomes clearer before taking action, as the negative impact of this conflict on the Japanese economy may be much greater than currently expected. The situation is very delicate and requires careful consideration, but the Bank of Japan can only blame itself. In the past year, they had countless opportunities to raise interest rates, but none of them were seized. Now, with the ongoing escalation of the US Iran war and no end in sight, they have been forced into a very difficult situation.