#数字资产市场洞察 Recently, the actions of global central banks have been quite interesting, almost all following the trend of rate cuts.

The United States, the United Kingdom, Sweden, Egypt, Canada, the United Arab Emirates, and Israel are all simultaneously cutting rates, with the same magnitude—each by 25 basis points. It appears to be a synchronized move. But there is a crucial detail: these countries are all lowering rates from relatively high levels, which is a contractionary cycle in reverse.

Japan is the only exception, going against the trend. Japan is not cutting rates; instead, it is raising them—also by 25 basis points. At first glance, this seems counter to the trend, but the logic is completely different. Japan has been in a prolonged period of ultra-low interest rates, and now it is returning to normal interest rate levels. This is a normalization process, not a sign of tightening.

From a broad perspective, the global monetary easing direction remains unchanged, with countries continuing to release liquidity. However, Japan’s move may cause short-term capital flow fluctuations—arbitrage funds might switch between markets due to interest rate differentials. For cryptocurrency assets, any change in liquidity expectations can cause price fluctuations, so the subsequent development of this global rate game warrants close attention.