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The 30-year Japanese government bond yield just broke through 3.465%, reaching the highest point on record. This number may seem abstract, but its implications are profound for the global financial markets—especially in the crypto asset sector.

Japan, once known for its "zero interest rate" policy, is experiencing the collapse of its interest rate defense. What does this mean? The era of "cheap yen" used for capital arbitrage may truly be coming to an end.

What are the specific impacts? First, the cost of borrowing for the Japanese government is rising sharply, increasing fiscal pressure. Second, this wave of interest rate hikes is not an isolated event—financing costs in other global markets are also forced to rise collectively. Capital relying on low-interest yen for arbitrage trading faces re-pricing, and some leveraged positions are at risk of forced liquidation.

Deeper issues lie in the fact that central banks' policy tools are undergoing an unprecedented test. When the last "interest rate haven" is filled, capital flows will inevitably reshape. Global bond yields are rising in tandem, currency markets are experiencing intense volatility, and the cost of funds for risk assets is increasing across the board—these chain reactions are unfolding.

For crypto market investors, the key question is: under the "new normal of high-cost funding," how should asset allocation strategies be adjusted? When financing costs generally rise, can the previous trading logic relying on cheap liquidity continue? This shift in the global financing environment is likely to be a significant backdrop for upcoming market volatility.