Analyst Ipek from Credit Suisse stated in a report that the yen may further depreciate since the Bank of Japan is unlikely to raise interest rates at least until March. She said, "Policymakers believe they will have a clearer understanding of the potential impacts of Trump's international policies by then." Meanwhile, as the Fed hinted last week at a slowdown in its rate cuts, U.S. Treasury yields rose, strengthening the dollar. Ipek pointed out that the exchange rate of the dollar against the yen could rise to 160.000, although Japanese authorities may intervene to support the yen, which could limit further increases in the dollar/yen exchange rate.