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Summary of the Bank of Japan meeting: One member stated that the Bank of Japan should raise the policy rate every few months.

Summary of the Bank of Japan meeting: One member stated that the Bank of Japan should not spend too much time reviewing the impact of interest rate hikes and should proceed with the next rate hike without missing the appropriate opportunity.

Summary of the Bank of Japan meeting: A member stated that the yen's depreciation and the rise in long-term interest rates largely reflect fundamentals, therefore, from a monetary policy perspective, the only countermeasure is to raise policy rates in a timely and appropriate manner.

Summary of the Bank of Japan meeting: One member stated that the Bank of Japan must adjust its current significantly negative real policy rate as foreign exchange market participants focus on real interest rate differentials.

Summary of the Bank of Japan meeting: One member stated that if the overseas interest rate environment changes this year, the Bank of Japan risks unintentionally falling behind.

Summary of the Bank of Japan meeting: A member stated that, considering economic strength and the recent weakening of the yen, current financial conditions remain significantly loose.

Summary of the Bank of Japan meeting: One member stated that, as we have done so far, the Bank of Japan should raise interest rates while closely monitoring the economy and market responses to each policy adjustment.

Summary of the Bank of Japan meeting: One member stated that if the Bank of Japan's economic and price forecasts are realized, it would be appropriate to continue raising the policy interest rate.

Summary of the Bank of Japan meeting: One member stated that as long as the pace of interest rate hikes is not too rapid, there is no need to worry too much about the impact on corporate profits.

Summary of the Bank of Japan meeting: A member stated that financial conditions remain accommodative even after the interest rate hike in December of last year.

February 2nd, Futures News – According to foreign media reports, as of the week ending January 30, 2026, Chicago Board of Trade (CBOT) corn futures fell slightly, with the benchmark contract closing down 0.52%, mainly reflecting long position liquidation and ample global supply, with a bright outlook for Brazilian corn production. However, strong US corn export sales, a surge in international crude oil futures, and continued high temperatures and drought in Argentina provided strong support for the corn market. The outlook for Brazilian corn production remains bright. AgRural raised its 2025/26 Brazilian corn production forecast by 600,000 tons to 136.6 million tons this week. Brazil's National Supply Company (CONAB) stated that as of January 24, second-season corn planting was 5.9% complete, compared to 0.8% last week, 6.3% at the same time last year, and a five-year average of 9.3%. Recently, persistent high temperatures and drought in parts of Argentina have threatened crop growth. Weather forecasts indicate that significant rainfall is not expected until February.

February 2nd, Futures News – According to foreign media reports, for the week ending January 30, 2026, Chicago Board of Trade (CBOT) soybean oil futures fell, with the benchmark contract closing down 0.9%, mainly due to declines in neighboring soybean and soybean meal markets, leading to long position liquidation. However, a significant rise in international crude oil futures, the impending clarification of biofuel policies, and strong soybean oil export sales limited the decline in the soybean oil market. January Chicago soybean oil futures surged 10.19%, compared to a 7.59% drop in December. This week, Malaysian palm oil rose 1.3%, Canadian canola fell 0.6%, and Brent crude rose 6.5%. The soybean oil/fuel oil price spread was 141.07 cents, compared to 163.85 cents a week ago, reflecting continued improvement in biofuel margins.

Oracle (ORCL.N): It is expected to raise a total of $45 billion to $50 billion in cash by 2026.

Spot gold and silver rebounded quickly, currently trading at $4,864/oz and $83.40/oz respectively.

10-year US Treasury futures fell 1 point, and 30-year futures fell 7 points.

February 2nd - With Kevin Warsh's nomination as Federal Reserve Chairman, market focus has abruptly shifted from short-term interest rates to the Fed's $6.6 trillion balance sheet and its fundamental role in the market. Zach Griffiths, Head of Investment Grade Bonds and Macro Strategy at CreditSights, noted, "He has consistently been a vocal critic of the Fed's balance sheet expansion." Warsh hopes to fundamentally reverse the trend of asset expansion and push for other reforms. However, this move will face complex challenges, directly impacting not only long-term interest rates but also the core markets upon which large global financial institutions rely for daily interbank lending. If policymakers agree to shrink the balance sheet, the transmission effect in the market could lead to a conflict between the Fed's and the government's goals of reducing long-term borrowing costs. This could force the Treasury or other US agencies to become more deeply involved in market management, which will face even greater challenges given the continued rise in total borrowing demand and the already over $30 trillion national debt. PGIM points out that if Warsh's predictions are true, then the pressure to regulate will shift to the Treasury.

February 2nd - On February 1st local time, Mexican President Sinbaum announced plans to send humanitarian aid to Cuba, including food and other basic necessities, while simultaneously seeking to resume oil shipments to Cuba "through all diplomatic channels" despite US restrictions. On the evening of January 31st, US President Trump publicly stated that he had asked Sinbaum to halt oil shipments to Cuba. On the same day, Mexican Foreign Minister De la Fuente responded that Mexico would not suspend humanitarian aid to Cuba.

February 2nd - On February 1st local time, US President Trump, answering reporters' questions about Iran at Mar-a-Lago, stated his hope that "a deal can be reached." Responding to Iranian Supreme Leader Khamenei's warning that a US strike would trigger a regional war, Trump said that if a deal cannot be reached, "then we'll see if he (Khamenei) is right." Trump emphasized to reporters that the US has deployed "the world's largest and most powerful ships" in the region. Earlier that day, Iranian Foreign Minister Araqchi stated that Iran "remains confident" of reaching an agreement with the US on the nuclear issue.