[Commerzbank: The yen will weaken and the Bank of Japan is expected to raise interest rates again in December] Golden Finance reported that Commerzbank strategist Volkmar Baur wrote that the yen will remain structurally weak after a short period of strength, and the Bank of Japan is expected to raise interest rates again in December. The yen will weaken again because the real rate hike cycle is obviously not coming, and the dollar/yen will strengthen next year. The Bank of Japan is very willing to raise interest rates again, but considering the previous dovish comments of the deputy governor, it is too early to raise interest rates in September, and the October meeting is close to the US election day, which is not a good time, so it is expected to raise interest rates in December. In terms of the USD/JPY exchange rate, if we look at the difference in market expectations for US and Japanese policy rates, we will find that the exchange rate was a bit too high before, and the adjustment of interest rate expectations has prompted the exchange rate to pull back.