See a bigger chance of inflationary pressures in Japan increasing.

Japan's service spending showing signs of improvement.

Japan's exports rising as a trend.

Japan's economy picking up as a trend.

There is rising risk that drop in China's output, caused in part by its zero-covid policy, may lead to serious global supply constraints.

Such risks from China may be temporary if covid infections subside, China’s output recovers.

Must be mindful of risk US Monetary tightening could lead to major slowdown in its economy, cause global asset price adjustments.

We must not forget that strong yen was among the factors that led to Japan's prolonged period of deflation and economic stagnation.