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Markets are now pricing roughly 80% odds of a BOJ hike on Sept 18, with Ueda flagging upside price risks and the yen parked near 160. This matters well beyond Japan: a real BOJ tightening cycle pressures the yen-funded carry trade that quietly backstops a lot of global risk. If Tokyo moves and signals more into January, the repricing will not stay local. DYOR as always. #BOJHikeOddsRise