March 19th news: Sompo senior economist Masato Koike stated that the weakening of the Japanese yen remains a factor, and despite risks, the Bank of Japan continues to signal its commitment to further interest rate hikes. This stance is evident even considering the differing opinions among committee members, including Hajime Takata and Naoki Tamura. Overall, the clearest message is that the Bank of Japan has not abandoned its tightening stance. In terms of financial markets, the Bank of Japan generally believes that it is difficult to proceed with rate hikes when market conditions are highly unstable. Current market volatility, coupled with escalating tensions in the Middle East, is unlikely to alter its fundamental policy. I will closely monitor the extent to which Governor Ueda takes a firmer stance (at the press conference) and how he responds to questions regarding his relationship with the local government. (JIN10)