Bank of Japan policymakers are widely expected to hold the policy rate steady at the October 29-30 meeting following the September 25-basis-point increase to 1.25%, as recent communications indicate a preference for assessing the effects of prior tightening before considering further action. Officials see no immediate need for consecutive hikes absent abrupt upside inflation risks, with economic and price data developing broadly in line with the bank's outlook. Overnight-indexed swap pricing reflects this consensus, assigning roughly 10% odds to an October move while placing much higher probability on action by December. A sudden escalation in inflation pressures, sharper yen depreciation, or unexpectedly strong incoming data on wages and underlying prices could still prompt a reassessment before the meeting.