Wait, is everyone missing something here?

Japan's rate policy isn't exactly bullish news. Think longer term. Yen carry trades have been feeding global liquidity for years. Now rates are climbing back to 2008 levels—that's a red flag, not a victory lap.

Here's what happens next: rates peak and start rolling over. That's when the final push kicks in. Equities? Risk assets? They'll catch one last bid as liquidity floods back in. But don't mistake the sugar rush for sustainable momentum.

This isn't a rally you want to overstay.