#数字资产市场动态 The Bank of Japan's actions are indeed intriguing. On the 19th, they announced an interest rate hike to combat inflation, and then immediately allocated a massive stimulus budget of 122.3 trillion yen. Is this "tightening and easing" combination a matter of economics or magic?

The official promises sound very appealing—achieving fiscal surplus by 2026, which would be the first since 1998. Prime Minister Sanae Takashi declared, "I want both economic growth and fiscal health," sounding very ambitious. But the market's reaction is quite frank: government bond yields have soared to a 27-year high, and investors' wallets are trembling.

The question is: can this 122 trillion yen truly translate into a healthy fiscal surplus, or is it just a numbers game on paper? Local governments have annual surpluses, yet the central government relies on supplementary budgets to "put out fires"—this logic itself has flaws. Looking at policy details, the government quietly changed the assessment target from "fiscal surplus" to "debt/GDP ratio," being accused of "changing the way they do the math." Promises made ten years ago have long been broken multiple times; how credible is this year's surplus pledge?

While flooding the economy with stimulus, they simultaneously promote fiscal discipline. Central banks around the world are walking this tightrope. For the crypto market, this policy contradiction precisely reflects the complexity of the liquidity environment—the fate of risk assets is often more honest than official announcements.