Recently, the Bank of Japan's latest moves have directly shattered the traditional finance textbook. The most aggressive rate hike in thirty years—by conventional logic, the yen should have remained strong, but instead it was suddenly devalued to 157? Meanwhile, the Nikkei index surged over 2%, making this trade look increasingly bizarre.

Upon closer inspection, three reasons are behind this chaos. First is the central bank's own tricks—appearing to raise rates on the surface, while secretly signaling "stability will follow," causing the market to dump the yen. Second is the geopolitical pressure from the US side—some major companies are forced to relocate factories, and domestic Japanese firms' demand for USD has skyrocketed, pushing the yen to its lowest point. The third and most astonishing reason is that capital players have found Japanese government bonds too unprofitable, so they have fully shifted into the Japanese stock market, creating a strange situation—stocks soaring while the exchange rate plummets.

This reveals a hard truth: the traditional method of adjusting interest rates alone can no longer compete with geopolitical games and the real needs of capital markets. The old logic of exchange rates is failing, and the power to price assets is quietly shifting. Is the current yen depreciation a temporary fluctuation or the beginning of a new era? Where will liquidity in the crypto market flow? These questions are worth deep tracking.