On December 19, Beijing time, Japan is highly likely to raise interest rates from 0.5% to 0.75%. After this adjustment, it's still uncertain when the next move will be.

The market has actually anticipated this, as the expectation of a rate hike has been circulated for quite some time, and the securities market has basically reacted to it. Although it nominally counts as bearish, this level of interest rates in Japan remains among the lowest borrowing costs globally. In other words, what needed tightening has already been tightened, but money is still the cheapest it has ever been.