Nomura: BOJ may hike at all three meetings to Dec in extreme case

This signals that yen pressure is now a decisive input for BOJ policy, not just a side effect. If the bank moves at every meeting, it would compress the carry trade and force a repricing of yen-funded positions globally, hitting leveraged strategies that rely on cheap yen. The key variable is the currency's path toward 160, which would turn a hypothetical into a baseline. Whether the BOJ can sustain that pace without triggering a sharp market reaction is the open question.