① Regarding the reasons for maintaining the interest rate: The lack of information on wages is one reason for keeping the rate unchanged, and there may be an understanding of the wage negotiation situation before March; the trend of price increases is very slow, and the price trend is a reason for gradual interest rate hikes. ② View on real interest rates: Real interest rates remain at a very low level. ③ On wages: The overall wage trend will become clear in March or April. ④ About the economic outlook, inflation, and interest rates: The Japanese economy is experiencing moderate recovery, and prices are expected to gradually rise. There is still high uncertainty regarding the economy and inflation; if the economic outlook is realized, interest rates will be raised. ⑤ View on US policies: There is high uncertainty surrounding US policies, and the fiscal and trade policies of the USA may have significant impacts. It is necessary to know how Trump's tariffs specifically will influence the analysis. ⑥ Market reaction: After Ueda's speech, the yen continued to decline, falling by about 150 points, with a daily decline of 1.2%, reaching a low of 156.78, a new low since July.