Recently, I’ve been paying attention to the moves by the Federal Reserve and the Bank of Japan, and it feels like 2026 could be a turning point.

There’s been way too much money printing over the past few years, and an adjustment cycle is bound to come sooner or later. As for the Fed, at most they might cut rates once more in December this year, but next year it’s unlikely they’ll keep cutting like before. The policy tone is changing.

What’s even more crucial is what’s happening in Japan. If they really start a rate hike cycle, it won’t just be a one-off—they’ll likely keep pushing it forward, as is their usual practice. This will have a significant impact on global markets—when money tightens, liquidity gets squeezed.

So who’s going to suffer then? Same as always: whichever area is weakest will collapse first. That’s how history has always played out.