The Bank of Japan's branch manager meeting this week supports the prediction of Nomura Securities analysts that the Bank of Japan will raise interest rates in March rather than January. The meeting emphasized that an increasing number of companies recognize the necessity of continuing wage increases, indicating that wages may rise in 2025. However, Nomura Securities analyst Kyohei Morita and others wrote in a report that this does not necessarily prove that wage increases are becoming more common. Looking ahead, analysts expect that private consumption, supported by rising wages and capital expenditures in software investments, will drive economic activity to become more 'localized.' However, uncertainties remain, including risks from political developments, domestic labor shortages, and geopolitical tensions abroad. (Jin Shi)