#美国贸易赤字状况 Japan 10-year government bond yield breaks through 2.17% — this moment is worth remembering.

The highest since 1999. The decades-long stability assumption has completely collapsed at this turning point. The era when "Japanese bonds always had low yields" is indeed coming to an end.

On the surface, it looks like fluctuations in interest rate numbers, but fundamentally it is a restructuring of the financial system. The financial ecosystem in Japan, supported for decades by zero interest rates and ultra-loose policies, is now being re-priced. How critical is this? Very simple — government bond yields have always been regarded as the benchmark for risk-free assets globally. Any obvious upward movement in Japanese government bonds will trigger chain reactions across markets like dominoes.

From $BTC, $ETH to $SOL, risk assets are most sensitive to this type of policy shift. When safe asset yields rise, the flow of funds into risk assets will be rewritten. This is not just Japan’s story; it is a deep adjustment in the global liquidity landscape.