I don't think we should simply think about it.

When watching YouTube, titles like 'Ishiba Shock is temporary' are trending. In a sense, I think that's true. However, the drop in stock prices on September 30th did not happen just because Mr. Ishiba became Prime Minister. Looking back, since around May, the economic indicators of the usa have become uneasy, and a rate cut was anticipated in the CPI announcement in July. Then, suddenly at the Bank of Japan meeting in July, the Bank of Japan became hawkish, and concerns about the usa recession emerged from ISM and employment statistics... This Ishiba Shock was born from the flow of events, due to the uncertainty of the usa economy and the puzzling hawkish Bank of Japan. In other words, Ishiba Shock that emerged in the unstable market was just the fuel that happened to explode. While Ishiba Shock may be limited, the risks of ongoing usa economic uncertainties and the mysterious hawkish Bank of Japan remain alive. Moreover, with the usa taking more than a year to cut interest rates, the pressure for a stronger yen remains. In other words, the risks that have dominated the market for the past few months are still present. That will be demonstrated by tomorrow. And as the dissolution general election begins, new risks will emerge. At this point, it's hard to say, but the ruling party doesn't seem solid. Ishiba Shock might not be a temporary story and could be something that lasts a long time in the future.