Will USD/JPY break above ¥155, or will the yen strengthen again? Focus on whether Governor Ueda (植田) will signal consecutive rate hikes after the Bank of Japan meeting. Could the "Japanese policy" understood by U.S. Treasury Secretary Scott Bessent mean a GPIF review? | Masato Imai (今井雅人): "What Will Happen? What Should Be Done? The Japanese and Global Economies"

USD/JPY is reported to be poised to break above ¥155, depending on developments before and after the Bank of Japan meeting. In addition to the equity market, movements in the foreign-exchange market are attracting increased attention, with renewed focus on a move toward yen depreciation.

The outcome of next weekend's Bank of Japan meeting (17 to 18 September) is being closely watched. Although a 0.25% hike in the policy rate is priced in, it has been pointed out that Governor Ueda's (植田) comments after the meeting will determine the yen's direction going forward. Some market participants believe that an ambiguous outcome could lead the yen to weaken again.

Against the backdrop of comments by U.S. Treasury Secretary Scott Bessent, market interest is growing in what Japanese policymakers are seeking to do. In this context, the possibility of a GPIF portfolio review has been raised, with some seeing a change in the proportion of overseas assets as potentially affecting the yen exchange rate.