On June 16, Kieran Williams, head of Asian foreign exchange at INTOUCH, stated that the recent interest rate hike by the Bank of Japan has been fully absorbed by the market. Therefore, the market's focus has never been on the interest rate decision itself, but rather on the accompanying measures. According to the statement, the overall tone leans towards dovish. The central bank plans to suspend the reduction of Japanese government bond purchases starting in April 2027, indicating a concession to the bond market, which contradicts its earlier warning that core CPI may exceed 2%. Given that the subsequent policy path will clearly depend on the situation in the Middle East and the transmission effects of oil prices, the significant interest rate differential with the United States will likely be insufficient to support the yen. In the medium to long term, the pressure on the yen is unlikely to ease solely due to this factor, making intervention a realistic risk in the near term. The press conference by Bank of Japan Deputy Governor Shinichi Uchida will be a key variable. With Governor Ueda's absence, how he defines the pace of the next interest rate hike will become a focal point for the market.