A BOJ member recently pushed for steadily raising rates to keep pace with global monetary tightening, but the conversation revealed a key challenge: even with a rate increase to 0.75%, real interest rates would remain significantly negative. This creates a delicate balancing act—policymakers need to monitor the ripple effects on both economic growth and financial markets carefully. The gap between nominal and real rates suggests the central bank still has room to move, yet any aggressive action risks triggering volatility across asset classes. For investors tracking macro trends, this signals that monetary normalization globally remains in early stages, with policy divergence across major economies continuing to shape capital flows and risk appetite.