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Everyone in the group is calling for a rally, so I’m taking the contrarian view—the Japanese CPI comes out at 1 a.m. If the numbers come in high, the central bank will have to raise rates. Higher borrowing costs will hit Japanese stocks first, then ripple through the global funding chain. A V-shaped reversal is one of the most common bull traps, so don’t rush to chase it. What are you seeing on your end? I’m watching CPI.