The Bank of Japan Governor spoke this time, and the market's nerves immediately tightened. Do you remember that brutal blow at the end of July last year? The wave of leveraged liquidations, liquidity drying up completely, a definite black swan level trauma. So this time, when he gave a slight hint, everyone immediately thought of that nightmare.

In the past, when you asked him if he would raise interest rates, he would always play it coy, and in the end, he indeed took no action— the market has become accustomed to this routine.

But this time the tone has changed drastically. From last week to today, both statements were straightforward: they will raise interest rates when the conditions are ripe.

The trouble is that Japan's inflation is still hovering around 2%, and price pressures remain. Investors see this signal and instantly realize that the hawkish stance is accelerating to the surface.

Global capital actually does not want to see Japan tighten its policies, but the domestic price pressure leaves the Central Bank with little room to maneuver.