What does kind of the long-term terminal rate look like for you?

So our economist forecast is 175, two more hikes, one in January and another in April.

And that's going to be it.

And the consensus is around two, so it's in the range.

But the interesting thing is that the Japanese tend to think like 175 is the right level.

But while when I was talking to clients here, many said that to contain, say, their dollar yen going up, the BOJ needs to hike more.

And it's the BOJ's role to do it.

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