The configurational properties associated with the transition from anelasticity to plasticity in a transiently deforming metallic glass-forming liquid are studied. The data reveal that the underlying transition kinetics for flow can be separated into reversible and irreversible configurational hopping across the liquid energy landscape, identified with and relaxation processes, respectively. A critical stress characterizing the transition is recognized as an effective Eshelby ''backstress,'' revealing a link between the apparent anelasticity and the ''confinement stress'' of the elastic matrix surrounding the plastic core of a shear transformation zone. DOI: 10.1103/PhysRevLett.99.135502 PACS numbers: 61.43.Dq, 62.10.+s, 62.20.Dc, 62.40.+i Some of the earliest efforts to describe the mechanics of deformation and flow of metallic glasses and liquids were carried out by Argon [1]. Inspired by the deformation of soap bubble rafts [2], Argon proposed that these materials deform by plastic rearrangements of atomic regions involving tens of atoms, termed shear transformation zones (STZ's). Argon further recognized that these plastically rearranging regions were not free but confined within an elastic medium [3]. Using Eshelby's insightful analysis [4], he estimated the effect of elastic matrix confinement on the energy barrier separating the initial and transformed state of the STZ. He further argued that the elastic matrix confinement of an isolated transformed STZ would lead to reversible elastic energy storage in the STZ-matrix system, implying that transformed STZ's have a memory of their original untransformed state. Interestingly, Argon's concept was recently studied in a deforming metallic glass foam, where buckled membranes and their accommodating stress fields were observed to behave like elastically confined STZ's [5].As recognized by Johari and Goldstein [6], the underlying relaxation mechanisms of liquids and glasses are governed by two kinetic processes: a fast process, termed the process, viewed as a locally initiated and reversible process, and a slow process, termed the process, viewed as a large scale irreversible rearrangement of the material. From a potential energy landscape perspective, Debenedetti and Stillinger [7] have identified the transitions as stochastically activated hopping events across ''subbasins'' confined within the inherent ''megabasin'' (intrabasin hopping) and the transitions as irreversible hopping events extending across different landscape megabasins (interbasin hopping). A 1D section of a potential energy landscape illustrating this concept is presented schematically in Fig. 1. Johnson and Samwer [8] have recently shown that, by employing a sinusoidal function to describe the megabasin potential energy density, a scaling law for the yield strength of a frozen-in configuration arises in terms of the curvature of the potential energy density function (i.e., the isoconfigurational shear modulus), revealing a universal shear strain limit of c 0:036. More recently, Demetriou ...