Expectations of interest rate hikes "plummeted," and they are starting to reassess... The likelihood of the Bank of Japan raising interest rates in April is rapidly cooling down. Market data shows: the probability has dropped from about 60% last week to only 17%. The reason is straightforward— geopolitical uncertainties are too high, and policies are hesitant to act rashly. The more likely timing has been pushed back to June. On one side is inflation pressure, on the other side are economic risks, and policies are "braking." On the surface, it is a change in expectations, but essentially, the global liquidity rhythm is readjusting. Some are still watching whether interest rates will rise, while others are already looking at where funds will go next.