State Street Global Advisors says the Bank of Japan may adopt a cautious stance after raising its policy rate to 1.25%. Economist Krishna Bhimavarapu warns that, while policy can be adjusted at any meeting, weak household consumption and relatively moderate inflation make Governor Ueda likely to avoid committing to a clear path of further hikes. Strategist Masahiko Loo expects Ueda to remain neutral-lean-hawkish, noting growth resilience, ongoing inflation risks and an still-easy real policy rate support further policy normalization. Market focus is shifting from whether the BOJ will hike again to where the terminal rate will be.(金十)