Regarding the pace of interest rate hikes by the Bank of Japan, Morgan Stanley economist Ayako Fujita's judgment is straightforward: approximately once every half year. This expectation has already been widely accepted in the market.

But there's a subtle point — the actual timing of the rate hikes still depends on how the government views it. The yen has been depreciating, which in turn provides support for the central bank to normalize monetary policy. However, some in the market remain puzzled: can the Bank of Japan smoothly implement this policy without diverging from the government?

Ueda and his team have recently responded to these concerns, and the market is paying close attention. Based on current trends, the yen's depreciation may continue to support the central bank's rate hike expectations, at least until next year. This macroeconomic backdrop is something that major cryptocurrencies like BTC, ETH, and BNB need to keep an eye on.