According to Jinshi, economists at HSBC Global Research predict that the Bank of Japan may raise its policy rate target three times by the end of 2025. There were no major surprises at the Bank of Japan's meeting last week, and gradual progress is the key. The Bank of Japan is expected to raise interest rates to minimize disruption to Japan's real economy and keep the overall financial environment loose. It is expected to raise its policy rate target to 0.25% in the third quarter of 2024, followed by 25 basis points in the first and third quarters of 2025, reaching 0.75% by the end of 2025.