Global liquidity is experiencing a notable increase, driven primarily by rising M2 money supply levels in Japan, China, and the European Union. Japan's M2 money supply reached $8.91 trillion as of April 21, marking an increase of $0.11 trillion in a single day. This surge in liquidity coincides with movements in the currency and bond markets, including a decline in the USD/JPY exchange rate and a rise in the US 10-year Treasury yield to 4.4%. The increase in Japanese M2 money supply is attributed in part to Japan selling US Treasury debt, which has contributed to the strengthening of the Japanese yen. Market observers are noting the ongoing expansion of global money supply amid questions about the Federal Reserve's position on monetary policy.