Core Viewpoint - The Japanese yen continues to depreciate despite a higher-than-expected CPI of 2.9% in September, as market bets on further yen depreciation persist. Prime Minister Fumio Kishida emphasizes an "economy first, finance later" principle as the foundation of his administration's policies [1]. Group 1 - The market has begun to bet on yen depreciation since Fumio Kishida took office, viewing him as a successor to Abenomics, despite his previous opposition to interest rate hikes [1]. - Kishida's administration has clarified its stance, indicating a separation from dovish policies, suggesting that continued bets on significant yen depreciation may misinterpret Kishida's team's approach [1]. - Kishida's team has stated that their core policy will be based on the principle of "economy first, finance later," with a focus on responsible and proactive fiscal policies [1]. Group 2 - The administration plans to strategically deploy fiscal spending to ensure fiscal sustainability by reducing the debt-to-GDP ratio, thereby stabilizing market confidence [1]. - The current trading range for USD/JPY is constrained by an upward trend line and a downward pressure line around 153.20-153.70, with key support levels identified at 152.00, 150.70, and 149.00 [1].