The market, especially the decline in American stocks, has temporarily subsided, prompting a gradual shift of funds from cash to risk assets.
Currently, the profit and loss by asset holdings shows significant gains in American stocks↑, Japanese stocks↓, US bonds↓, and emerging market bonds↑, resulting in an overall positive state of a few percent since the beginning of 2025.
In 2024, the return of American stocks significantly outperformed others, with American stocks accounting for 95% of the assets at one point. However, with the recent rise and considering the slightly overvalued levels from a historical perspective, adjustments have been made to the proportion of American stocks in the portfolio.
With the interest rates in the USA also at a very high level, and the continuous decline in US bonds relative to that, they are holding as part of their assets as a counter to US stocks.
On the other hand, looking beyond the USA, in our country, Japanese government bonds are excluded from consideration as an investment destination under the recent low interest rate and high inflation environment. However, companies that expand business in Japanese yen with low interest rates and benefit from high foreign currencies consider it a very advantageous situation, so they invest in some individual companies rather than indices.
In addition, companies outside the USA are cautiously observing the upcoming inauguration of President Trump, and some are taking measures like adjusting their portfolios to avoid potential risks.

Turning point in the market environment indicated by the FRB's interest rate cut policy.
Multiple rate cuts suggested by Waller could be realized against the backdrop of favorable inflation data. Especially the latest Consumer Price Index (CPI) data suggests that the pressure of price increase is easing. According to Waller's statement, if the inflation rate continues to maintain the current deflationary trend, there is a possibility of lowering the policy interest rates as quickly as in the first half of the year. As a result, the yield on 2-year US Treasury bonds could drop to 4.25%, and predictions of a rate cut of 40 basis points are strengthening in the market.
These policy trends indicate the potential re-emergence of a low-interest rate environment across the entire economy. However, as warned by the FRB, the implementation of rate cuts will depend on future economic indicators, with the direction of the labor market being crucial as a determining factor. In particular, whether robust employment growth and low unemployment rates are maintained is believed to significantly impact the effectiveness of monetary easing.
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