Breaking news from the latest Reuters survey—The Bank of Japan's December meeting is a done deal to raise interest rates by 25 basis points, pushing the rate to 0.75%. Even more shocking, they are prepared to hike again to 1% by September next year.

Previously, the market was still betting "whether they'll go dovish," but now the data has slapped them in the face. Last month, only 53% of economists supported a rate hike; now, that number has surged to 90%. Out of 70 respondents, 63 collectively bet "action next week." This shift is as rapid as a waterfall.

Why the sudden toughness? Essentially, inflation is burning hot, and the yen is as soft as noodles. This is the first serious rate hike since January this year, and even Prime Minister Sanae Suga has tacitly approved—after all, the yen has been so weak recently that import costs are soaring, households are under immense pressure, and if no action is taken, the fire will spread to the roof.

There's an even more aggressive signal: over two-thirds of the 54 respondents believe that by the end of September next year, interest rates should reach at least 1%. Is this pace a sign that they are temporarily tossing the old loose monetary policy into the trash?