[ING: Limited Market Reaction to Bank of Japan Rate Decision, Opposition Votes Not Surprising but Worth Watching] Jin10 News, June 16 – Min Joo Kang, Senior Economist for Japan and Korea at ING, stated that the market's initial reaction to the Bank of Japan's decision this time has been relatively limited. This is understandable, as the 25 basis point rate hike had already been widely anticipated and priced in by the market. Notably (though not entirely unexpected), there were opposition votes this time, which will keep observers of the Bank of Japan cautious about the timing of the next rate hike. Currently, most market participants are waiting for remarks from Bank of Japan Deputy Governor Shinichi Uchida to gain a clearer understanding of the future rate hike trajectory. The short-term movement of the yen exchange rate will depend on the hawkishness of Uchida's speech. We believe that unless Uchida sends a strong signal of another rate hike in the near term, the yen exchange rate is likely to hover around the 160 level.