If not now, yen?

So Peter, markets were expecting a rate rise from the Bank of Japan, but it wasn't perhaps as hawkish as it could have been.

Two members of the board dissented there, ones that are closest to the Prime Minister, Sane Takashi, and two of the more hawkish members see their terms coming to an end fairly soon.

So while the market clearly wants the Bank of Japan to keep raising rates, and we know that US Treasury Secretary Scott Besant wants that as well, the path ahead isn't all that clear, is it?

Well, this is the sixth rate hike under Bank of Japan Governor Ueda.

That's the most in about half a century.

But again, that has not stolen the spotlight.

You're right, it's about this two members dissenting.

But if you look at the statement here, it says that the Bank of Japan will continue to hike rates if its outlook for inflation and economic growth are met.

And I think that statement itself is quite hawkish, especially with inflation expected to come in at 3% by the end of the year because of that prolonged pressure from the yen.

But again, expectations were so high for today for it to be so hawkish that they just weren't mad.

And we've really failed to see the reaction in the end that the Bank of Japan might have been hoping for.

It's actually got weaker, which of course increases inflation pressure and worries about the cost of living in Japan.

Now, a lot of this will come down to fiscal policy.

Prime Minister Sane Takahashi continues to pile on more borrowing, which of course the markets are nervous about.

And she was elected having promised to reduce Japanese people's cost of living.

Now, Reuters was able to report that the Treasury Secretary, Scott Besant, explicitly put pressure on the Japanese government in phone calls back in June, saying that that borrowing needed to come down as, if you like, a condition or at least part of his joining in the yen intervention that we saw back in the summer.

So is the U.S. going to continue to put pressure here? And what will that mean

for the Bank of Japan? Well, I think Takeichi has definitely dialed back her maybe rhetoric from before she was elected where she called rate hikes stupid.

But again, her focus is on economic growth and making sure there's no big swings in the Japanese market.

And that's completely contrasting to the Bank of Japan here.

We talk about the political fight between the Fed and Trump.

There could be a new one brewing between Japan's government and the Bank of Japan.

I think, though, the real pressure comes from the Fed as well.

More expectations coming in from rate hikes from the Fed's.

And if the Bank of Japan just can't keep up, that means more pressure on the yen.