Bank of Japan: Although the Bank of Japan has raised interest rates as scheduled, its stance seems insufficient to boost the yen. "On June 16th, Charu Chanana, Chief Investment Strategist of Bank of Japan, stated that the Bank of Japan has fulfilled market expectations, but the response indicates that its policies are not tough enough to force a significant appreciation of the yen. The key is that the Bank of Japan is clearly more concerned about inflation, especially with the core inflation rate consistently above its target of 2%, but its adjustment is still very slow and it continues to indicate that financial conditions will remain loose. This puts the US dollar in a fragile state against the Japanese yen around 160. The marginal impact of interest rate hikes on the yen is beneficial, but it cannot compensate for the significant yield gap between the United States and Japan, especially if the Federal Reserve continues to maintain a cautious attitude. In addition, the 7-1 vote result slightly weakened market signals as it indicated that there are still concerns within the Bank of Japan about the impact of tightening policies on economic growth and employment. However, this provides slight support for the Japanese stock market as the Bank of Japan is tightening monetary policy but has not yet posed a threat to liquidity or profits. In terms of foreign exchange, the bigger question is whether the Japanese yen can maintain its upward momentum. If the US dollar remains above 160 against the Japanese yen after a rate hike, intervention risks will still exist, especially as the Federal Reserve is about to make a decision. A more moderate US dollar environment may provide a better window of action for the Japanese authorities.