Barclays' latest research indicates that the Bank of Japan may raise interest rates twice in July and December 2026. This decision is closely linked to Japan's spring salary negotiation cycle and is likely to reshape the liquidity landscape of crypto assets.

The underlying logic behind the BOJ's rate hikes lies in the monetization management of the "wage-price" spiral. While global markets focus on Federal Reserve policies, Japan is advancing a new "wage anchoring" paradigm—by tying the rate hike cycle to spring salary increases, directly impacting yen liquidity. If the yen continues to depreciate and triggers a wave of "reverse carry trade" liquidations, the crypto market could face large-scale capital flows.

From a practical perspective, several directions are worth paying attention to:

Safe-haven assets like Bitcoin may attract capital inflows due to yen depreciation, but short-term volatility is inevitable. Leverage traders need to watch out for chain reactions caused by carry trade liquidations and manage their position risks carefully. DeFi projects related to Japan's salary cycle may become market focal points, and the "wage tokenization" track is worth monitoring in advance.

Overall, this is not simply a matter of a single policy impact but a process of global capital shifting from the Federal Reserve narrative to Japan's wage cycle. Those who can identify this opportunity early will have the chance to benefit from the next market change.