1. Recently, the U.S. officially imposed a 25% tariff on Mexican goods starting from February 1.
Preparing to impose tariffs on Canada and the European Union.
Due to China's 'drug control' reasons, it is expected that tariffs on Chinese goods will increase by 10%.
2. The yen is expected to continue to rise in interest rates, increasing from historical negative values to 0.5%, or even 1%, before the spring of 2026.
By raising trade tariffs, the current inflation outlook after significant inflation may be elevated.
In light of this, the Federal Reserve's interest rate cuts have been paused. On the other hand, the Bank of Japan is expected to raise the yen interest rate from negative values to 0.5% or even 1% before the spring of 2026.
Overall, the annual trend looks bearish, with a possibility of a 'black swan' event mid-year. Bitcoin is expected to plummet below 30,000.
