Gold Down, BOJ Ahead — Where Can Markets Hide?| 2025/5/1

On May 1st, 2025, the market may look calm on the surface, but instability is quietly building underneath.
U.S. GDP posted negative growth, while the Trump camp continues its pressure campaign with tariff threats and Fed criticism—destabilizing the U.S. bond market.
Meanwhile, Japan’s JGB VIX has dropped sharply, and even gold—traditionally seen as a safe haven—is falling, leaving investors with nowhere to hide in a risk-off scenario.
The key trigger events today: the Bank of Japan’s policy meeting and rate announcement, and tariff negotiations between Japan’s Finance Minister Kato and the U.S. Treasury.
From an earnings (EPS) perspective, fundamentals remain weak, raising the question:
Where is the Nikkei headed next?

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