Saravelos notes that despite inflation, the Japanese government favors a policy of "low real rates" to manage their debt-to-GDP ratio. This is effectively "financial suppression." If the BOJ refuses to hike rates meaningfully to match global peers because they need to inflate away debt, the currency (Yen) acts as the release valve and depreciates. SHORT JPY (or Long USDJPY). A sudden, aggressive hawkish pivot by the BOJ or a massive risk-off event triggering safe-haven flows into Yen.