#数字资产动态追踪 Listen to me, a major turning point has recently occurred in the global financial markets.

$ETH $BNB $ZEC

The 10-year Japanese government bond yield has just broken through 2.13%, a level not seen since 1999. To sum it up in one sentence: the "cheap yen" era that the Bank of Japan has maintained for many years is officially coming to an end.

Why so sudden? Simply put, Japan can no longer withstand inflation. Wages are rising, prices are increasing, and the central bank has finally had to adjust its strategy, bidding farewell to the era of negative interest rates and stopping unlimited money printing.

What does this mean for the global markets? A chain reaction is underway:

First, the appreciation of the yen will trigger major changes in arbitrage trading. Over the past few decades, Japan's near-zero interest rates have continuously fueled arbitrage funds flowing into US stocks, US bonds, and the crypto markets. Now that domestic interest rates are higher, these funds have reason to flow back to Japan, risking a large-scale withdrawal of capital from global markets.

Second, Japan's government debt pressure will rapidly worsen. High debt levels combined with rising interest rates will significantly increase repayment pressures, posing risks to global financial stability.

Finally, and most critically: the crypto space will be directly impacted. Global liquidity is like blood vessels, interconnected at every link. Once this largest source of cheap capital begins to tighten, the era of abundant liquidity may truly come to an end. Market volatility will rise, and assets supported by liquidity bubbles will face re-pricing.

In short, this is not just a policy adjustment by the Bank of Japan; it marks a turning point in the global capital landscape. Who will be affected next is worth deep consideration.