Just as Bank of America raised its 2026 interest rate forecast to a total hike of 75bp, Japanese and Korean stock markets collectively dropped. Inflation remains resilient, and the job market hasn’t shown significant deterioration yet, forcing high-interest-rate policies to stay in place longer. When liquidity continues to tighten, high-valuation assets are always the first to feel the pressure—no matter how good the story, it’s hard to see gains.