Toshitaka Sekine, former chief economist of the Bank of Japan, said that the market's speculation about the Bank of Japan raising interest rates in October is increasing. This underestimates the level of uncertainty brought by Trump's tariff policy. He said: "What I want to say is that the uncertainty may be greater than market participants imagine. If I were still the chief economist of the Bank of Japan, and I had to determine the impact of tariffs before October, I would say 'no'." Prior to Sekine's remarks, signs of economic recovery prompted economists to list October as the most likely time for the Bank of Japan to raise interest rates. The veteran economist said that he would not completely rule out the possibility of a rate hike, as a series of factors including exchange rates will affect this decision. However, it is difficult for authorities to assert that economic risks have fully receded by then.