#以太坊行情解读 The Bank of Japan acted too quickly, raising the interest rate to 0.75% all at once on December 19, the highest point in 30 years. Suddenly, those Japanese housewives holding large amounts of idle cash (nicknamed "Mrs. Watanabe" in trading circles) started to become restless.

Where did the problem lie? To put it simply, the previous money-making logic has completely changed.

**Why Did Yen Arbitrage Trading Fail?**

Imagine that you borrow money in Japan at ultra-low interest rates, and then take that money to the United States to buy U.S. Treasury bonds and stocks, earning the interest rate differential. This strategy used to be as stable as a rock. But now the Federal Reserve is cutting interest rates, while the Central Bank of Japan is raising them, and the interest rate differential is being squeezed hard. The most heartbreaking thing is that those trillion-dollar positions that have already been established now have to be liquidated, and the borrowing costs are climbing day by day.

**The flow of funds is quietly changing**

There is a key point here: Japanese retail investors, holding about $15 trillion in household assets, now need to repatriate funds to pay off their yen-denominated debts. You see, they are starting to significantly reduce their holdings of U.S. Treasuries and U.S. stocks. This large-scale collective behavior is faster and more intense than institutional operations, and the market often fails to react in time.

**Will cryptocurrency assets attract this wave of funds?**

During a period of overall tightening of global liquidity, traditional markets have become more volatile. Assets like $BTC, $ETH, and $DOGE, which have strong community consensus and topical effects, have instead become a new direction for capital seeking opportunities. Rather than passively waiting for the market to warm up, it is better to pay attention in advance to those niche sectors that have already formed consensus and have a solid community foundation—these are often the next stop for capital switching.

The key is still to observe the pace of this wave of capital shift.