The yen experienced its worst day since June 2022, dropping 1.9% to 146.26 per dollar, following comments from Japan's new Prime Minister Shigeru Ishiba. Ishiba stated that the economy is not ready for another interest rate hike, leading to significant market reactions. The Bank of Japan, led by Governor Kazuo Ueda, has been supporting the economy and will move cautiously regarding future rate hikes. Ishiba's remarks have dimmed hopes for a rate hike this year, causing Japanese stocks to rally, with the Nikkei 225 jumping by 2.5%. Chief Cabinet Secretary Hayashi clarified that Ishiba did not make specific policy requests to Ueda. Finance Minister Kato emphasized the importance of stable foreign exchange movements and close coordination between the government and the Bank of Japan. Ishiba also mentioned his aim for Japan to become an 'investment nation.'