Japan's debt crisis signals are flashing red. The 10-year government bond yield just hit 2.12%—haven't seen that since 1999. Meanwhile, the 30-year yield climbed to 3.46%, setting a fresh all-time record.

This isn't gradual. Since January 2025, we're talking about a 104 basis point jump on the 10Y and a 120 bp surge on the 30Y. That's violent. When Japanese yields spike like this, it typically triggers a rush for yield globally—which means capital flowing out of risk assets, including crypto.

Why does this matter? Japan's been the world's cheap money ATM for decades. If that changes, expect ripple effects across emerging markets and digital assets. Investors watching inflation fears, central bank divergence, and where global capital goes next—this is the story to monitor closely.