Last Monday's market was indeed noteworthy. The precious metals sector had significant movement—silver once broke through the 69 mark, and the spot supply became unreasonably tight, making it difficult to find spot at five times the price. Gold followed closely, breaking new highs, reaching around 4420 at its peak. In contrast, the Crypto Assets zone appeared more stable, with Bitcoin rising to the 89500 level, showing a noticeably moderate pace.

The market focus is shifting to the policy level. Personnel adjustments at the U.S. level are underway, which means that the tone of monetary policy may face slight adjustments. In particular, the statement from the Bank of Japan this Thursday will be crucial. The remarks by Governor Ueda regarding whether to maintain the pace of interest rate hikes and how to arrange the magnitude will likely have a direct impact on liquidity expectations. In the short term, the short squeeze in precious metals and the performance of Crypto Assets' volume are largely waiting for this signal.