The Bank of Japan's personnel nominations strengthened easing expectations, and Sanae's dovish stance on the high market escalated, disturbing the market, and the yen came under pressure and fell below 156. Overseas institutions are bullish on Japanese bonds for the first time in 30 years, with the 10-year yield falling to 2.1%. Policy independence is facing a test, the pace of interest rate hikes may be delayed, and global capital flows will be affected by knock-on effects.