① BOJ interest rate hike (announced or implemented)
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② Sharp rise in yen value, decline in appeal of low-interest loans
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③ Carry trade liquidation — yen buying + selling of overseas assets
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④ Increased volatility in global stock markets2024.8 Nikkei -12.4% / KOSPI -8.77%, 2025.12 recurrence
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⑤ Simultaneous pressure on Asian currencies due to won-yen coupling (correlation coefficient 0.94)