The market has already fully priced in this expectation. The 2-year Japanese government bond yield has already reached 1%, the highest since 2008, indicating that the bond market has long since priced it in. Second, speculators have already established large net long positions in the yen — Bob Elliott is right; yen carry trades were actually cleaned out in October. Third, this rate hike is a "gradual normalization," not a policy sudden shift.