Markets returned from the Thanksgiving break in a cautious mood, but attention quickly shifted to developments in Japan. Bank of Japan Governor Kazuo Ueda indicated that the central bank is evaluating the potential adjustment of policy rates, emphasizing that any change would constitute a modification to the current degree of easing.
The announcement triggered immediate market reactions. The Nikkei 225 declined nearly 2%, while the Japanese and US government bond yield jumped.
Global risk sentiment also softened: Bitcoin declined nearly 5%, and European and US futures opened lower. Market participants are now closely watching forthcoming economic data and central bank guidance to assess the trajectory of global liquidity and interest rate expectations.
Could this signal a turning point for market sentiment as December begins?

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.