Nikkei 36,000: Supply Point on the Battlefield? — Trump’s Tax Cuts as a Provocation to the Bond Market | Market Commentary for April 28, 2025

On April 28, 2025, the Japanese market closed slightly higher at 35,840 yen.Despite a series of positive developments, the stock market lacked momentum.Behind this stagnation could be a sequence of disruptive statements from the Trump administration—tariffs → Fed chair appointment → tax cuts—designed to shake the financial markets.This could be a financial engineering approach, strategically stirring up bond market fears just as the stock market heats up.Additionally, I use a battlefield analogy, viewing the 36,000 yen level as a supply point, to map out the market landscape.With a new moon cycle just beginning, the key question is: how should we read the market from here?Also, I’ll soon be launching a weekly newsletter.Sign up here：（⁠⁠⁠https://subscribepage.io/ni225op⁠）