#美联储回购协议计划 The Bank of Japan's "hawkish turnaround" is reshaping the global financial landscape

Recently, Bank of Japan Governor Kazuo Ueda announced a decision that could shake the entire trading market: the era of negative interest rates has officially ended, and core interest rate policies will continue to be raised in the new year. This not only signifies the end of the three-decade "zero-cost" yen borrowing era but also triggers deeper ripple effects spreading worldwide.

$BTC $ETH $ZEC What is the hidden driver behind the ability of such high-risk assets to attract massive inflows over the past decade? It is the invisible yet tangible "arbitrage chain"—traders borrowing nearly interest-free yen and continuously investing in high-yield assets like US stocks and cryptocurrencies. These arbitrage transactions, totaling trillions of dollars, are now facing a fundamental ecological shift.

This shift impacts three levels: First, global liquidity is beginning to flow in reverse, as the long-standing "funding faucet" of cheap yen is tightening, prompting a reallocation of global funds. Second, volatility is inevitably rising, requiring a reassessment of asset pricing logic that once relied on low-cost financing, including the entire cryptocurrency market. Lastly, an old era is coming to a complete end—when the last major developed economy's central bank abandons negative rates, the long-standing low-interest-rate regime will officially enter history.

This financial "coming of age" arrives somewhat late but has profound implications. As the window of cheap funding gradually closes, whether true asset values can withstand the test remains a question every participant must consider.