Trajectory (Dovish inclination): Amid slowing growth and geopolitical risks, major central banks maintain or shift toward dovish stances.; Fed kept rates unchanged for the second consecutive meeting, but divisions over future path remain significant (JETRO). Key events: Fed kept rates unchanged for two consecutive meetings (JETRO); Philippines central bank cut rates by 25 bps (JETRO) Watch: Against the backdrop of energy price and inflation risks pushed higher by geopolitical conflict, observe how the Fed and ECB balance 'fighting inflation' with 'preventing recession'. The tone of next-stage communication is crucial.