The Bank of Japan (BoJ) has concluded its unconventional exchange-traded funds (ETFs) purchase program, a move that has not yet disturbed the equity market but raises concerns about potential impacts during a market downturn. The BoJ, which owns approximately 7% of Japan's stock market through ETFs, faces challenges in exiting these holdings. This decision comes amid Japan's financial markets experiencing robust growth, attributed to strong fundamentals and governance reforms, drawing global attention. However, the cessation of the BoJ's yield curve control and negative interest rate policies, shifting towards a more data-dependent policy approach, suggests a less dovish stance than previously anticipated. This policy shift, coupled with the end of negative interest rates, has sparked discussions on the resilience of Japan's economy, as evidenced by significant gains in shares of major companies like Toyota and Hitachi, which have soared 100%. Meanwhile, the mixed inflation picture in Japan complicates the BoJ's rate hike path, reflecting a broader narrative of Japan's economy facing a dichotomy of stock market success and the slower trickle-down effect of economic benefits.