Looking at the current situation, here’s the recent progress on these three issues: 1. Canada and China haven’t taken any countermeasures. Meanwhile, Canada stated it won’t pursue a comprehensive free trade agreement with China. On January 26, China’s Ministry of Foreign Affairs responded, saying the China-Canada trade agreement does not target any third party, including the U.S., and did not directly retaliate against Trump’s threats. The market believes the probability of the U.S. imposing additional tariffs on Canada is relatively low. Trump’s tariff strategy is currently in a winning position. 2. Currency intervention may still continue, but its impact on the market isn’t significant. 3. The probability of a U.S. government shutdown on January 31 slightly decreased to 76.9%. The market remains concerned about the shutdown, but since some departments have already secured their annual budgets, even if a shutdown occurs, it’s likely to affect only certain departments. From today’s ETF inflow data, it’s clear that investors are enthusiastically buying U.S. ETFs, especially assets related to the S&P 500. After a slight dip in the morning, there was a sustained rally. The amount of funds flowing into ETFs in January has already set a historic record. Link: https://(x.com)/Phyrex_Ni/status/2015860822845841632?s=20