The Bank of Japan’s October policy meeting carries a 95.4% market-implied probability of no change following the September 25-basis-point hike that lifted the policy rate to a 31-year high of 1.25%. Traders cite the fresh tightening, appointment of two dovish board members by Prime Minister Sanae Takaichi, and core inflation readings that remain near or below the 2% target in national data despite Tokyo core pressures from energy costs. Recent communications emphasize gradual adjustment and the need to monitor financial conditions and wage trends before further moves. A stronger October inflation print or explicit hawkish guidance on preemptive tightening could still lift the odds of an immediate adjustment.