According to Jinshi Data, Takuji Aida, an economist at Credit Agricole, said that the Bank of Japan should keep interest rates unchanged until mid-2025, otherwise the Japanese economy may fall back into deflation and the Bank of Japan will be forced to cut interest rates.

He expects Japan's economy to shrink this year, partly because the Bank of Japan's tightening monetary policy has led to a stronger yen, hurting profits earned by Japanese exporters overseas.

He also said the Bank of Japan could start raising rates in the second half of 2025 only if it kept interest rates unchanged until mid-2025 and the Japanese government provided fiscal stimulus to support the economy as soon as possible.