[Institution: Japan's output gap remains positive, potentially supporting further rate hikes] According to a report by Golden Finance on July 6, SMBC Nikko Securities economist Yoshimasa Maruyama stated that the Bank of Japan's first-quarter output gap estimates show a stable positive trend, which helps drive inflation higher. He noted that this data could be seen as a justification for further rate hikes. However, he added that the positive output gap has not expanded, indicating there is currently no urgent need to accelerate monetary tightening. 'If there is a need to speed up the pace of rate hikes or increase the magnitude of rate hikes in the future, it may stem from the delayed but significant transmission effects of inflationary pressures caused by the Middle East situation, or from rising inflation expectations,' he said.