Caroline Hyde

So we had Bank of Japan Governor Ueda adopting a more holistic,

Now,

Now, if we're seeing the Bank of Japan raise interest rates, we've got yields in Japan, 10-year yields at a 17-year high.

There is this concern that we're going to start to see the repatriation of those funds back to Japan.

Now, this is important because liquidity changes.

And those sort of sectors of the market, such as crypto, such as tech, which are really sensitive to liquidity, are where we're seeing that sort of risk-off come through.

December, historically strong, particularly for technology, right?

And when I was on vacation last week, what a week to pick.

We had the Thanksgiving holiday.

Circular financing was a factor.

NVIDIA in particular weighing on the index level.

You just heard the reporting about how the synopsis NVIDIA deal is not circular financing to the mind of the leaders of those companies.

Do you buy it?

And how big a factor is that in this market right now?

Obviously those comments today, I think will help a little bit

to ease those concerns.

But at the end of the day, there is this sort of worries surrounding circular financing, and they're not going to disappear overnight.

And that's because circular financing makes an ecosystem fragile.

It just takes one disappointment for the whole loop to fall apart.

So I think it is right that the market does question whether this circular financing could be a problem.