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The Bank of Japan announced a rate hike to 0.75% on December 19th—hitting a 30-year high. It seemed like a bearish signal, but the global markets instead experienced a wave of collective celebration. The Nikkei surged, risk assets boiled over, and cryptocurrencies also benefited from the positive sentiment. What’s really going on here?

In simple terms, this is a relief that expectations have been realized. The market had already priced in the possibility of a rate hike, and once the decision was made, uncertainties dissipated. It actually became a positive news event—because the outcome was not as severe as initially feared.

The key point is this: a 0.75% interest rate against an inflation level of over 3% still results in a deeply negative real interest rate. What does this indicate? The liquidity environment remains fundamentally accommodative. The central bank has no intention of tightening significantly; it’s just confirming that the economy’s "illness" of deflation is improving.

Japan has escaped a 30-year deflationary quagmire, and this is not just a numbers game. The positive cycle of wages and prices has truly begun, strengthening the economic foundation. For the global markets, a healthy Japanese economy itself is a guarantee of liquidity. The yen will appreciate gradually, carry trades won’t collapse, and both global investors and the crypto market have been reassured.

So essentially, this is not the start of a tightening era, but a confirmation of recovery. The market’s celebration is not just about the rate hike itself, but about the end of uncertainty and the unexpectedly positive outcome.