[Bond Market Anticipates Continued Fed Rate Hikes, Yen Carry Trades Unwind Accelerates] On September 16 local time, the Federal Reserve announced a 25-basis-point rate hike. Although this rate hike was fully anticipated by the market and considered a 'confirmation hike,' the latest bond market pricing has already factored in expectations of continued tightening through subsequent rate hikes. Following the U.S. rate hike, bond markets in developed economies worldwide exhibited a trend of 'short-end rising, long-end steady.' This shift is accelerating the unwinding of yen carry trades and driving up financing costs in emerging markets.