Internet reports that the unexpected trade agreement between the United States and Japan triggered violent market shocks, pushing Japanese stocks to record highs and triggering a wave of selling of government bonds, but after the carnival, investors are re-examining local risks. "The agreement brought a huge sense of relief, but the market is now saying: Wait, don't be happy too soon," said Vishnu Varathan, head of economics and strategy at Mizuho Bank. The focus turns to key events in the next few days that may reveal the direction of Japanese stocks that have underperformed their regional counterparts this year. Although the Bank of Japan is likely to keep interest rates unchanged at its policy meeting next Thursday, any hint of a September rate hike may impact the stock and bond market. Investors are also keeping a close eye on the financial reports of companies such as Fujitsu, Tokyo Electronics and Nissan Motor. Although these data do not have time to reflect the impact of trade agreements, they can reveal the true resilience of companies in a long-term high-tariff environment-even if they are optimistic compared to the worst-case scenario.