Core Viewpoint - The report from CITIC Securities suggests that Japan's benign inflation cycle is becoming more stable, and the Bank of Japan is likely to raise interest rates again soon [1] Group 1: Economic Context - The global market turmoil following Japan's interest rate hike last summer was primarily driven by rising recession expectations and shifts in the AI narrative in the U.S., rather than the reversal of carry trades, which only exacerbated risk aversion [1] - The "Black Monday" of last year is unlikely to be repeated this year due to the different economic conditions [1] Group 2: Market Dynamics - In the context of the policy divergence between the U.S. and Japan, U.S. factors are currently the main narrative influencing global liquidity and the pricing of U.S. dollar assets [1] - Market skepticism regarding the AI narrative is mainly focused on a few companies with aggressive business models, while most financially stable AI leaders are expected to maintain market confidence [1] Group 3: Investment Insights - The ongoing trend of industrial intelligence is anticipated to continue supporting the performance of leading U.S. stocks in the medium to short term [1] - Long-term U.S. Treasury bonds are considered to have a low cost-performance ratio in the current risk management-driven rate cut cycle, while short-term U.S. Treasury bonds may benefit from technical improvements in liquidity due to reserve management purchasing operations [1]