Wells Fargo & Co pointed out that although the remarks of Bank of Japan Governor Kazuo Ueda at yesterday's press conference were not so hawkish, we still believe the fundamental reasons for further normalization of its monetary policy are intact. The Japanese economy expanded in the second and third quarters, and the fourth quarter's Tankan survey showed relatively robust confidence. By historical standards, the wage growth rate is between 2.5% and 3.0%, while the core CPI inflation rate remains above 2%. In this context, we remain bullish on the prospect of the Bank of Japan raising interest rates by 25 basis points at its monetary policy meetings in January and April next year, thereby restoring the normalization of monetary policy.