Today the market suddenly exploded - the Japanese bond market experienced a rare anomaly, with the yield on 3-month government bonds soaring more than 34% in a single day, corresponding to a big dump in bond prices. The yield on 10-year government bonds also climbed 5 basis points to 1.85%, while the 2-year yield surged to its highest level since the 2008 financial crisis. The stock market was also affected, with the Nikkei index plummeting nearly 2% at one point.

The catalyst for this wave of turbulence was the strong remarks made by Bank of Japan Governor Kazuo Ueda on Monday. He clearly stated that the central bank will "weigh the pros and cons of raising interest rates" at the next policy meeting—this is the strongest signal he has issued so far regarding a possible rate hike in December. The market instantly exploded, with sentiment betting on a rate hike during the December 18-19 meeting rapidly heating up, leading to a rise in the yen and government bond yields.

Some analysts bluntly stated: "Ueda is openly signaling a rate hike in December. He specifically mentioned that he has communicated with the government, indicating that this matter is basically set in stone."

But the market's unease doesn't stop there.

Across the ocean, tensions between the United States and Venezuela are also escalating. On November 29, the U.S. Navy assembled en masse near Puerto Rico in the Caribbean, with hovercraft and military helicopters all in place. Venezuelan Defense Minister Lopez immediately convened a military meeting and directly declared "war is imminent," announcing the mobilization of all air and naval forces for exercises.

On November 30, Trump confirmed that he had spoken with Venezuelan President Maduro. He stated firmly that Venezuela "is not a friendly nation," but denied that the so-called "closure of airspace" meant an imminent airstrike. However, rumors suggest that Trump directly threatened during the call: if Maduro does not step down voluntarily, the United States does not rule out the use of force.

The Bank of Japan turns hawkish, and tensions rise between the US and Venezuela—these two lines overlapping may lead to a reshuffling of the pricing logic for global risk assets.