According to Jinshi, Justin Heng, HSBC's Asia Pacific interest rate strategist, cited recent remarks and public communications from Bank of Japan officials, saying that the Bank of Japan may tighten policy earlier and more than the market expects. Heng pointed out that Japan's actual policy interest rate is seriously negative, and if inflation accelerates, the Bank of Japan may raise interest rates further. He also mentioned that the Bank of Japan's latest economic activity outlook shows that the median CPI point for fiscal 2025 has risen from 1.7% in October last year to 1.9% in April, and the risk balance is biased to the upside.