The Bank of Japan is serious this time—it's not just about raising interest rates, but about completely pulling them back.

The latest meeting minutes clearly show their stance: 0.75% is definitely not the end point. What's the target? Aiming for the "international normal range" of 1.25%-1.5%. Even more concerning, hawkish members have proposed raising rates every few months without delay.

Of course, the dovish side is still closely watching the Federal Reserve's moves, fearing that unilateral tightening could disrupt the overall picture. But the trend is already written on the wall.

Just look at how the market is reacting—The yen soars, Japanese bond yields spike across the board, with 30-year bonds jumping 1.62% in a single day. The trading opportunities that relied on yen arbitrage? They're rapidly disappearing.

Essentially, Japan is shifting from being a global "liquidity provider" to a "liquidity taker." Previously, the market speculated about "raising rates once a year," but now it seems that pace is no longer leisurely—it's likely to accelerate to "twice a year." At this rate, completing rate normalization by 2026-2027 is no longer just wishful thinking.

The problem is, risk assets haven't fully digested this turning point yet. But the ship has already set sail, and there's no turning back. That era of unlimited liquidity is truly coming to an end.