According to CoinMeta, the yield on Japan's 2-year government bonds is gradually approaching the 2% level, which has not been reached in 30 years. This indicates that the market believes Japan's economy is steadily moving towards inflation, and the Bank of Japan may even need to raise interest rates to a restrictive level. As the maturity period most sensitive to the Bank of Japan's interest rate policy, the yield on 2-year Japanese government bonds has doubled over the past 12 months and is more than six times higher than the level during the same period in 2024. As for when the Bank of Japan will raise interest rates further, it may depend on the short-term survey to be released this Thursday, which reflects the confidence of large Japanese manufacturing companies. SBI Securities believes that if this week's short-term survey shows strong corporate capital investment, then the Bank of Japan's case for raising interest rates in October may be further strengthened.