The Federal Reserve and Bank of Japan are set for consecutive policy meetings, with the Federal Reserve meeting on September 15–16 and the Bank of Japan on September 17–18. Interest-rate futures markets put a U.S. rate hike near certainty, while the implied probability of the Bank of Japan raising its policy rate from 1.0% to 1.25% has reached 98%. If delivered, the Japanese rate would reach its highest level since 1995, marking the first occurrence at that level in 31 years. The move would raise borrowing costs for mortgage holders, with younger households facing the heaviest burden. Mizuho Research Institute estimates that mortgage households would lose about ¥19,000 ($120) annually on average, including the effect of higher deposit income, while households of two or more people overall would gain about ¥6,000 ($39). The market's main focus is now Governor Kazuo Ueda's September 18 press conference and the pace of any subsequent increases. U.S. inflation remains persistent, with August headline CPI at 3.4% year over year and core prices rising 0.3% from July. The resulting expectations for tighter policy, combined with proposed U.S. fiscal stimulus, federal debt concerns and Middle East oil-supply risks, have pushed Treasury yields and gasoline prices higher. Markets are pricing an over 80% probability of another Bank of Japan hike by December, while recent comments from U.S. Treasury Secretary Bessent, Ueda and Board member Hajime Takata have increased attention on the possibility of faster normalization. Their statements helped drive the yen up by roughly ¥8 against the dollar in less than a week, but Ueda's past guidance has produced both yen weakness and sharp appreciation. His September 18 message could therefore influence whether yen buying continues and how financial markets develop.