On August 27, according to Jinshi, Okasan Securities economist Ko Nakayama said in a research report that the Bank of Japan may raise interest rates from 0.25% to 0.5% in December due to improvements in inflation-adjusted wages. If the Bank of Japan becomes more confident in the virtuous cycle of prices and wages, it may raise the policy rate by 25 basis points every 6 months while paying attention to the impact on the market. Nakayama expects the Bank of Japan to raise its interest rate target to 0.75% in June 2025 and then to 1% in December 2025. Nakayama added that Japan's current terminal interest rate is probably around 1%.