The pressure for the yen to depreciate continues to intensify, and all eyes in the market are focused on January 23rd—the pivotal meeting of the Bank of Japan, which has become the battleground for both bulls and bears.

Currently, the central bank is still in the "talking stage," but industry insiders are well aware: they are actually waiting for a more impactful exit opportunity. Governor Ueda Hiroshi has remained on the sidelines, unwilling to raise interest rates, which has been mocked by the market as "just splashing water without turning off the gas"—can this really suppress the depreciation fire?

The political arena is also turbulent. Reports suggest that Prime Minister Sanae Takaichi may call for an early general election, and once election votes are involved, exchange rate policies often have to make concessions. This has made central bank officials' words particularly cautious.

External pressures are also not to be underestimated. Although the Federal Reserve has repeatedly delayed interest rate cuts, the US dollar still "dominates," and the yen continues to retreat in the liquidity competition. Traders' patience is also running out—they not only need the central bank to intervene with real funds but also crave a clear hawkish stance.

Will January 23rd mark a turning point or just another "wolf coming" scare? The market is holding its breath.