PANews reported on January 30th that, according to Jinshi, Shoki Omori, chief strategist at Mizuho Securities, stated that if Warsh is elected as the new Federal Reserve Chairman, the market will feel continued pressure to cut interest rates. However, considering the voting results at the last FOMC meeting, cutting rates will not be easy for him. The market misjudged the pace of rate cuts, expecting the Fed to cut rates more slowly than the market anticipated or hoped for. At the same time, the market perceives Warsh as more dovish than Hassett, which is why we are seeing the dollar/yen exchange rate rise.