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The Bank of Japan's attitude has undergone a dramatic change, and this time it's truly different. Meeting minutes show that they plan to continue raising interest rates after December, which is now on the table—currently, the 0.75% rate level is the highest in the past thirty years, but the underlying message from central bank officials is clear: it's far from enough.

After thirty years of passivity, the central bank has suddenly opened the door to a hawkish stance, driven by four realities: inflation has exceeded the 2% target for nearly four consecutive years, yet real interest rates are still negative, effectively causing Japan's money to shrink unnoticed; the yen has been persistently weak, making it impossible to suppress prices, with officials openly calling for frequent rate hikes; most critically, the era of negative interest rates is over, and capital arbitrage in Japan has been fleeing overnight in recent days, causing turbulence in the Japanese stock, bond, and forex markets; the central bank's roadmap is also clear—current rates are still below the neutral level, and the rate hike process is only halfway through.

This chain reaction is hard to ignore. Yen volatility has surged, with devaluation risks looming large, and hard assets like gold and silver are becoming more precious amid panic sentiment. Global liquidity faces contraction, no longer solely driven by the Federal Reserve tightening—Japan's central bank has officially entered the scene.

The severity of the issue lies in the fact that this is not just Japan's problem. If Japan continues to raise interest rates, trillion-dollar scale carry trades could collapse, putting pressure on the dollar, U.S. Treasuries, and emerging markets. Some are already seeing flashing risks, while others are contemplating profiting from the volatility—often, the other side of the market is also the other side of opportunity.