Inflation is at 3%, and rates are rising. Wadah explicitly says, "Cash is not the right assets to own." In a deflationary world, cash gains purchasing power. In an inflationary world (Japan's new reality), cash loses real value daily. Additionally, rising interest rates push bond prices (JGBs) down. AVOID holding excess Cash or long-duration Japanese Government Bonds (JGBs) as a store of value. Japan falls back into deflation, making cash king again.