#美联储降息 【Japanese Bond Breaks Key Level Signals Reshuffling of Global Liquidity】

The market is undergoing a structural shift. The 10-year Japanese government bond yield has broken through 2.13%, reaching a new high since 1999—the era of prolonged yen depreciation may truly be coming to an end.

What’s behind this? The Bank of Japan has officially abandoned negative interest rates, which is not just a Japanese issue but a major turning point in global capital flows.

Let’s break it down:

**The most direct impact** — The world’s largest arbitrage capital pool is loosening. The cheap yen, which was flowing heavily into US stocks, US bonds, and crypto markets, is now starting to reverse. What does this mean? Increased risk of liquidity withdrawal.

**Who is most vulnerable** — Highly leveraged assets and liquidity-dependent instruments. In an environment of tightening liquidity, these assets are the first to face pressure.

**But don’t be all pessimistic** — Although the market revaluation phase is brutal, projects that survive and assets with solid fundamentals will have opportunities for re-pricing.

In simple terms, global capital is reallocating. The dollar cycle, liquidity turning points, and de-leveraging in the crypto market are all happening simultaneously. Managing risks carefully and paying attention to volatility rhythms are the survival strategies at this stage.

Do you have a plan to respond?