On December 17, 2024, the rate cut was the third one of the year, so expectations had already been priced in. On September 16, 2025, it was the first rate cut in nearly a year, which meant more liquidity injection, so after a pullback, a new high could be reached. On October 28, 2025, this happened just half a month after October 11; market liquidity was insufficient and future expectations were unclear, so a drop was reasonable. For December, things are also not so optimistic. The market will be speculating on two expectations: a rate hike by the Bank of Japan and the start of QE.