[Japanese Central Bank Raises Interest Rates, Yen Falls Instead of Rising, Intervention Risk Back in Focus] Jin10 Data, September 18 – The yen declined after the Bank of Japan raised interest rates by 25 basis points as expected. Earlier this week, the hawkish rate hike by the Federal Reserve had already weakened the yen. Earlier this month, the yen saw a significant rally driven by expectations of faster policy tightening by the Bank of Japan, the unwinding of yen-funded carry trades, and speculation that Japanese pension funds might allocate more capital to domestic assets. Strategists suggest that if investors believe the Bank of Japan's tightening path cannot keep pace with the Federal Reserve, the USD/JPY pair could rise toward 160. Given that the 25-basis-point rate hike has largely been priced in by the market, this risk becomes particularly pronounced if Friday's decision or subsequent communication is interpreted as dovish. The latest round of declines has also brought intervention risk back into focus. Officials emphasize the speed and disorderliness of exchange rate fluctuations rather than any specific level, but if the pair approaches 160 again, it may test their tolerance. Traders will closely watch Kazuo Ueda's press conference following the decision for clues on the pace and scope of further tightening.