Core Viewpoint - The Bank of Japan is currently only pausing its interest rate hike cycle and should consider a shift in policy after a period of observation [1] Group 1 - The Bank of Japan's current stance is a pause in the interest rate hike cycle [1] - Future adjustments in monetary policy are anticipated after a certain observation period [1]

Core Viewpoint - The Central Bank of Brazil indicates that future monetary policy measures may be adjusted and will not hesitate to continue the interest rate hike cycle if deemed appropriate [1] Group 1 - The Central Bank of Brazil is open to adjusting its monetary policy measures in response to economic conditions [1] - There is a clear indication that the Central Bank is prepared to continue raising interest rates if necessary [1]

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Core Viewpoint - International oil prices have experienced significant volatility, with expectations of a weak and fluctuating market due to increased supply from OPEC+ and economic uncertainties stemming from tariff policies [1][5][8]. Group 1: Oil Price Trends - Since mid-January, WTI crude oil reached nearly $80 per barrel before entering a correction phase, with a subsequent drop to a four-year low, reflecting a cumulative decline of over 30% [1][5]. - Brent crude oil prices fell below $62 per barrel, marking a near four-year low, while WTI briefly dipped below $58 per barrel [5]. Group 2: Supply and Demand Dynamics - The unexpected increase in tariffs by the U.S. has heightened global demand recession expectations, compounded by OPEC+'s decision to increase production, leading to an oversupply in the oil market [2][5]. - Historical data indicates that OPEC+'s production increases during oil price downturns often exacerbate price declines, as seen from 2014 to 2016 [5]. Group 3: Long-term Outlook - Despite current low prices, the long-term outlook for oil prices is expected to show cyclical fluctuations rather than prolonged low levels, influenced by potential reversals in U.S. policies and OPEC+'s market stabilization efforts [7][8]. - Current WTI prices are below the breakeven point for most shale oil producers, suggesting a potential floor for prices, while global oil inventories remain low [8]. Group 4: Investment Opportunities - The current low oil prices present investment opportunities in related thematic funds and high-quality domestic listed companies, particularly in the oil and gas sector [10][12]. - The oil and gas sector may become a focal point for investment as prices adjust, with potential benefits for high-growth stocks due to lower inflation [11][12].