Global interest rate game rules are being rewritten. The Federal Reserve is still signaling rate cuts, while the Bank of Japan suddenly changed course, pushing its policy rate to a 30-year high. From this moment on, the two major economic engines have started to play a tug-of-war, and the crypto market, like a sensitive barometer, has begun to shake violently.

Looking at these data points makes it clear: Japan's 2-year government bond yield soared to its highest level since 1996, and the 10-year breakeven inflation rate surged to its 2004 peak. This is not just a numerical change; it indicates that market expectations have completely reversed. Many will ask: Japan keeps tinkering, can its influence compare to that of the Federal Reserve? Absolutely not. Japan is the third-largest economy in the world, holding the position of the largest creditor globally. Once its policy shifts, global capital flows will be rewritten.

The story of the past thirty years is like this: Japan's low-interest environment has led funds to seek returns everywhere, with some continuously flowing into the crypto market. These liquidity injections have supported the prices of digital assets. Now, once the reverse operation is triggered, these funds will flock back to Japan. Global liquidity will suddenly tighten, and high-risk assets like cryptocurrencies are likely to be hit hardest, becoming prime casualties.

This may not be the impact of a single event, but a sustained tidal shift of capital. Recognizing this trend early is crucial to prepare for market volatility.