The Bank of Japan is quietly hinting at a rate hike next week, and markets are starting to take it seriously.

The decision lands overnight between 18 and 19 December, and if it happens, it would be the first hike in 11 months.

Traders have been whispering about this for days, and the noise is only getting louder. A hike could push markets lower, maybe not sharply, but enough to shift the mood.

This meeting might end up being one of the most important macro moments of the month.

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