On the 20th, the Bank of Japan issued two latest research reports warning that the persistent inflationary pressures in the Japanese economy indicate that the bank still has reasons to raise interest rates again. It is worth noting that at the end of July this year, the unexpected interest rate hike by the Bank of Japan caused a sharp drop in the Japanese stock market, resulting in a "Black Monday" for the Japanese stock market and even triggering a global financial market shock. At present, the market expects the Bank of Japan to suspend interest rate hikes at its September meeting, but some institutions have stated that the Bank of Japan will raise interest rates again later this year or in January next year. Among them, Vanguard, the world's second largest asset management company, is betting that the Bank of Japan may raise interest rates by another 50 basis points before December, and based on this judgment, will double its short position in Japanese government bonds.