Japan's rate hike landed as expected... Post-meeting tone remains cautious and slightly dovish, smoothly navigating through this round. The Bank of Japan's deputy governor stated that after this hike, future decisions will depend on data, with no preset path or neutral rate anchor... No mention of consecutive rate hikes, aligning with market expectations of a hike + dovish commentary. Short-term risks on the agenda have been lifted, but recently, it's been a favorable environment for carry trades, so we've been adding positions. U.S. stocks continue to ride the tailwind. The boat's getting fuller, and the crowd's getting tighter. Next step is to keep validating this model, updating weekly with CFTC data every Saturday. Let’s see when the smart money starts to move out.