According to Jinshi Data on August 23, UBS Global Wealth Management pointed out in a report that the yen has limited room for further strengthening because the Bank of Japan is unlikely to rush to raise interest rates and the Fed's rate cut expectations have been digested. UBS analysts said that the Bank of Japan is less likely to raise interest rates in the coming months, which weakens the possibility of a new round of yen strength. In addition, speculative positions in the yen have slightly turned to net longs, and the Fed's rate cut expectations have been fully priced in. USD/JPY should remain fairly stable in the 145-150 range in the near term.