Yesterday, the USDX moved higher for the second consecutive session, finally closing at 108.14, up 0.056%. Treasury yields rose and retreated, with the 2-year yield at 4.349 percent and the 10-year yield at 4.589 percent. In general, the USDX falls in the run-up to Christmas. In general, the dollar's decline during the holidays has been relatively small, not even by more than 1%. At present, the dollar index remains near 108, which corresponds to 107-109. The Bank of Japan is likely to raise interest rates on January 24, the same day as the regular session of the Japanese parliament, and it is a good choice to raise interest rates before the parliamentary budget debate heats up. But if there is no rate hike, and the Bank of Japan is expected to raise rates only once in 2025, it is very likely to raise rates at the July meeting in 2025, after the upper house elections.