Recently, two events have stirred the global market and are worth keeping an eye on.

Let’s start with Japan. The central bank suddenly announced an interest rate hike, completely saying goodbye to the ultra-loose monetary policy era, and Japanese stocks plummeted in response. The problem arises—those funds that relied on the low-interest yen for arbitrage are now facing skyrocketing borrowing costs, leading many institutions to begin retreating. If this wave of operations spreads, the money for global risk assets may become very tight.

Looking at the other side in the U.S. There are rumors that Powell might step down early. Although it's not confirmed yet, investors are already panicking. Will there be a sudden policy shift? What about financial stability? Safe-haven funds are starting to quietly move.

If these two shocks continue to ferment, the market may be shaken up. Given the current situation, it's better not to be too aggressive—focus on observation and be cautious in operations. After all, once liquidity tightens, all kinds of assets could be affected.