Deutsche Bank strategist Volkmar Baur wrote that the yen will remain structurally weak after a short strengthening, and the Bank of Japan is expected to raise interest rates again in December. The yen will weaken again, because the real rate hike cycle is obviously not coming, and the dollar/yen will strengthen next year. The Bank of Japan is very willing to raise interest rates again, but considering the dovish comments of the deputy governor before, it is too early to raise interest rates in September, and the October meeting is close to the US election day, which is not well timed, so it is expected to raise interest rates in December. In terms of the dollar/yen exchange rate, if we look at the difference in market expectations for the US and Japan policy interest rates, we will find that the exchange rate was a little too high before, and the adjustment of interest rate expectations has prompted the exchange rate correction.