The Bank of Japan maintains its ultra-dovish stance with negative interest rates, creating rate differentials with the U.S. Federal Reserve and the European Central Bank. The U.S. Federal Reserve is expected to announce a rate hike, potentially marking the end of a cycle of monetary policy tightening. The European Central Bank is also likely to raise its interest rates, but it will focus on its future policy path. Meanwhile, the Bank of Japan faces speculation about when it will begin reversing its ultra-loose monetary policy, despite positive economic growth and inflation above its target. The decisions made by these central banks could have significant implications for their respective economies and global financial markets.