Just checked, the Asian market just dropped because the market is speculating that the Bank of Japan might suddenly raise interest rates. Tonight, Governor Kazuo Ueda is giving a speech, and if he goes hawkish again, it’s pretty much a done deal. Currently, prediction platforms think the probability of a rate hike is higher than no hike. Whether it’s Bitcoin, Nikkei 225, or the KOSPI, today’s Asian session looked pretty ugly. Japan’s low interest rates have always symbolized cheap capital in Asia. This capital is then borrowed for market arbitrage, but a rate hike would increase borrowing costs.