According to Jinshi, UBS Global Wealth Management said that the yen still has room to depreciate before the Fed starts to cut interest rates. Kelvin Tay, the bank's chief investment officer, said that in the short term, we do think that the US dollar may hit the 160 level again, and he does not think that the Bank of Japan will be in a hurry to raise interest rates at this point in time. If the Fed does not cut interest rates in September and further postpones the rate cut, the yield gap between US and Japanese government bonds will actually widen further, and the difference in US and Japanese government bond yields remains a key pressure point for the yen.