The Bank of Japan raised interest rates to a 30-year high, but the yen fell instead of rising. The main reason is that policy signals that did not meet expectations were interpreted as one-time adjustments, fiscal expansion eliminated the effects of tightening, and structural difficulties such as trade deficit, low neutral interest rates, and tax system issues were superimposed. The market outlook depends on structural reforms, focusing on asset rotation in the short term, and deploying high-quality enterprises in the medium and long term.