Welcome to the one hundred forty-third edition of the Japan FinTech Observer. We have done it! Not only is the Bank of Japan the only major central bank to raise its policy rate this year, it has done so twice. Well done, Ueda-san & team, leading us further down the path to normalization. With consumer prices, in particular food, still running hot, there is certainly room for further hikes in 2026, even if the "underlying" inflation is (again) expected to cool down towards the target range of.