ChainCatcher message, UOB economist Alvin Liew stated that the Bank of Japan has not finished raising interest rates, but the timing of future rate hikes is now expected to be influenced by wage growth next year and the clarity of Trump's policies. This means that while the possibility of a rate hike in January has not been completely ruled out, it now appears to be a low-probability event.

Although the policy statement and Governor Kazuo Ueda's press conference did not provide forward guidance, Ueda emphasized that the wage situation in Japan in 2025 and considerations of Trump's policies are key to the next decision. UOB expects the Bank of Japan to raise interest rates by 25 basis points to 0.5% in March, which they believe will be the final rate. However, there is a significant risk that the rate hike may be postponed to April or later.