Just watched the speech by the Governor of the Bank of Japan after Japan's interest rate hike Sure, let me give you a colloquial and focused version of 1-2-3-4 summary: This interest rate hike is not a 'shift towards tightening', but a small step towards normalization The bank president repeatedly emphasized that Japan has not entered a period of aggressive interest rate hikes, and this time it is more of a slight shift from "extreme easing" to a normal state, and should not be understood as a comprehensive tightening. 2. Whether to continue raising interest rates in the future depends on the data, not the predetermined route He made it clear that the Bank of Japan does not have a fixed path for interest rate hikes and will not follow the pace of the Federal Reserve. Everything depends on whether inflation, wages, and economic data hold up. 3. Whether wages and inflation can form a positive cycle is the core observation point The most concerned thing now is not short-term prices, but whether companies can continue to raise wages and whether inflation can remain stable around the target. If the salary cannot keep up, we will not rashly continue to tighten it. 4. Financial market fluctuations will be given special attention and we do not want to cause any impact The governor specifically mentioned that they will closely monitor Japanese bonds, exchange rates, and overall market reactions, and do not want interest rate hikes to trigger drastic fluctuations. The Bank of Japan will still remain "very cautious". Summary in one sentence: This interest rate hike is more like a "test of the waters", not a declaration of war, with a slow pace, a soft attitude, and sufficient reserves for future use.