According to reports from Jinshi Data, Marcel Thieliant, Head of Asia Pacific at Capital Economics, stated that Japan's first quarter GDP data was weaker than expected, with personal consumption remaining flat compared to the previous quarter. U.S. tariffs may hinder Japan's export growth, and the Bank of Japan's pessimistic assessment of the economic outlook seems to be correct.
Therefore, the Bank of Japan may not raise interest rates in July, increasing the likelihood of a delay in rate hikes.