Finally here! The long-anticipated Bank of Japan interest rate hike decision has been officially announced, with a 25 basis point adjustment fully in line with market expectations—yet what happens next caught everyone off guard.

First came a fierce unilateral rally, followed by an instant sharp reversal, with a beautiful upper shadow line illustrating what "expected madness" looks like. This dramatic move has kept many traders on edge.

What kind of game is being played behind the scenes? The market has already been managing expectations for this "black swan" event for over half a year. The prolonged hype cycle has allowed the bearish sentiment to be fully digested. Now that the actual event has occurred, it instead relieves the market of a heavy burden—this is the real-world interpretation of the so-called "bad news is good news" logic.

But the key question is: how far can this upward move go? Have the foresighted funds already quietly positioned themselves, waiting for retail investors to chase the high and complete distribution at the top? Behind today's upper shadow line, there may be the true intentions of the main players.

When the greatest uncertainty disappears and the balance between bulls and bears is broken, the market is at a crossroads. The short-term negative factors have been fully priced in, and new driving forces are seeking to emerge. Will it trigger a fierce upward trend, or will the positive news gradually turn into new negative sentiment? Everything depends on whether a sufficiently convincing new narrative can be formed in the subsequent developments.

One thing is certain: in the coming days, volatility will become the norm. Everyone's focus is tightly locked on every move of the main funds—this is the real key to determining the market direction.