Has the policy direction changed? Several recent signals are worth noting.

The quantitative tightening, which has been a looming threat for two years, seems to be coming to an end. News from the current U.S. president indicates a desire to stabilize the stock market at a high level, which is a clear stance. Looking ahead to December, the market's expectations for interest rate cuts are becoming increasingly strong, and signs of loosening liquidity are already very evident.

More concretely, the timetable is set for the first quarter of 2026 when quantitative easing policies are likely to be implemented. At the same time, there is a $2000 relief plan on the way. These events combined will result in a significant release of liquidity.

The policy bottom and the expected bottom are now starting to take shape. At this critical juncture, those still stubbornly holding onto bearish thinking may need to reevaluate their positions. The market never waits for everyone to understand before it moves; once the easing cycle begins, the pace is often faster than expected.