机构：日本央行似乎赢得首轮博弈，但后续加息路径仍不明朗

Core Viewpoint - The Bank of Japan Governor Kazuo Ueda emphasizes the risks of inflation and a weak yen, persuading Prime Minister Sanae Takaichi to accept a plan for interest rate hikes in December [1] Group 1: Interest Rate Hike - A small interest rate increase of 25 basis points to 0.75% is almost certain later this month, alleviating concerns that the Bank of Japan would yield to political pressure and abandon tightening policies [1] - This communication appears to have been effective, as both the market and the new Japanese government have received the signal [1] Group 2: Future Rate Path Communication - A more complex issue lies in how the Bank of Japan will communicate its future rate hike path, as there is no consensus on the reasonable range for neutral interest rates [1] - The current state between the central bank and the government is described as a "fragile truce," which keeps the bond market tense [1] - Investors are now focused on how Ueda will articulate the subsequent pace of interest rate increases [1]