The Japanese stock market index Nikkei 225 has fallen more than 20% from the December high. In the stock market world, a 20% fall from a peak is a technical bear market, while a 10% fall is called a correction.

The global stock market selloff amid recessionary fears is of course weighing on interest rates expectations with traders increasing easing bets every day. The market doesn’t expect the BoJ to hike anymore.