[The Optimistic Economic Outlook from Bank of Japan Branch Managers Strengthens the Case for Rate Hikes] Jin10 News, July 9 – Reports from Bank of Japan branch managers during Thursday's meeting indicate that despite adverse factors such as Middle East tensions, rising oil prices, and a weaker yen, Japan's overall economy remains resilient. The Bank of Japan stated that geopolitical risks causing supply chain disruptions and raw material shortages have put pressure on exports and production. The bank added that risks of a sharp economic downturn have diminished due to the advancement of alternative procurement strategies and adjustments to transportation routes. This may strengthen market expectations for further rate hikes in the near term. Overnight index swap market pricing currently suggests that the market anticipates at least one rate hike by the Bank of Japan before the end of this year.