Kazuo Ueda is finally about to make a move. In December, he might directly raise the interest rate from 0.5% to 0.75%. With this announcement, speculators around the world are panicking:

"Come on, man! Let the liquidity flow for another two years!"

But reality is harsh—

• Those aggressive traders who borrowed yen for carry trades (taking low-interest yen loans to buy US stocks or crypto) are instantly taught a lesson by the market—accounts are getting liquidated, losses are being cut. While they scramble to convert back to yen to repay debts, they curse: "Damn, if only I hadn’t gotten greedy for that little bit of interest rate spread!"

• Bitcoin plunges straight from $92,000 to $85,000, and miners are cursing in unison: "Damn you, Ueda!"

• Japanese government bond yields are skyrocketing like a rocket, and ordinary Japanese people are watching their pension accounts shrink: "This isn’t a rate hike, this is daylight robbery!"

• Even US stocks are trembling: "Boss, take it easy! If Japan tightens up, we’ll have to tighten our belts too…"

To put it plainly:

When the Bank of Japan sneezes, global assets catch a cold.

Tonight, the only prayer for all high-leverage players:

Mr. Ueda, please go easy on us. Can you keep it loose for another two years? We haven’t even broken even yet!