The Nikkei average starts 300 yen lower. Governor Ueda of the Bank of Japan suggests continuing with interest rate hikes, thinking about the appropriate scale and timing of policy normalization.

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Bank of Japan Governor Ueda suggests continuing rate hikes and considers the appropriate scale and timing of policy normalization.
- On the 24th, Bank of Japan Governor Ueda Kazuo stated that determining the appropriate scale and timing for further normalization of monetary easing is the top priority and hinted at considering further rate hikes. He said, 'Our efforts towards financial normalization have only just begun.'
- Governor Ueda mentioned, 'I am thinking about the appropriate scale of future normalization overall, and how to allocate rate hikes over time,' adding, 'That's why I can't sleep at night.' He answered questions at an event in Washington where the annual meetings of the International Monetary Fund (IMF) and the World Bank were taking place.

Expectations for a December rate hike by the Bank of Japan, with more than half expecting the current policy to be maintained this month - Survey
- Regarding the timing of additional rate hikes by the Bank of Japan, more than half of the Bank of Japan watchers are expecting the monetary policy decision meeting in December. Almost everyone believes that the Bank of Japan will decide to maintain the current monetary policy at the monetary policy meetings on December 30th and 31st.
- According to a survey conducted by Bloomberg on 53 economists from January 17 to 22, 53% expected the Bank of Japan to raise its policy interest rate (currently around 0.25%) in December. In the survey before the September meeting, 53% expected the same rate hike in December as this time, and 19% expected a rate hike in January. Only one respondent expected a rate hike at this month's meeting, down from 15% in the previous survey.

U.S. foreign exchange market summary: Briefly rose to the 153.10 yen level, with continued yen selling after breaking through the milestone.
On the 23rd, the dollar-yen exchange rate in the New York foreign exchange market closed at around 152.76 yen per dollar, about 1.68 yen higher than the previous day, with the dollar rising and the yen weakening. The euro was trading at around 164.69 yen per euro, about 1.52 yen higher and the yen weaker.

Shares of automobile companies like Toyota were sluggish, with the rapid weakening of the yen providing some tailwind, but overall market sentiment turned risk-averse and led to selling pressure.
$Toyota Motor (7203.JP)$、 $Honda Motor (7267.JP)$、 $Nissan Motor (7201.JP)$There was a trend of being pressured by selling, with a notable increase in selling long-term bonds in the US bond market. The yield on the US 10-year bond has risen to around 4.3%, reflecting a significant increase in interest rates. The widening yield spread between Japan and the USA prompted an accelerated movement to buy back dollars in the foreign exchange market, leading to further yen depreciation to the latter half of the 152 yen range.