On December 23, Gelonghui reported that Analyst Ipek from Credit Suisse stated in a report that the yen could further depreciate as the Bank of Japan is unlikely to raise interest rates before at least March. She mentioned, "Policymakers believe that they will have a clearer understanding of Trump's international policy potential impacts by then." Meanwhile, as the Federal Reserve hinted last week at a slowdown in interest rate cuts, U.S. Treasury yields rose, and the dollar strengthened. Ipek indicated that the exchange rate of the dollar against the yen might rise to 160.000, although Japanese authorities may intervene to support the yen, which could limit further increases in the dollar-yen exchange rate.