#大户持仓动态 Ueda Kazuo's actions are indeed interesting—on the surface, it's about raising interest rates, but at its core, it's reassuring the market. This "loose mouth tight hands" trick is exactly the same as the routine of some major central banks.

Hawkish rate hikes paired with dovish rhetoric, and the market falls for it. Right after the speech, the USD/JPY surged to 156.37. For holders of Bitcoin and other high-volatility assets, this is actually a good signal.

The key lies in the direction of the yen. As long as the yen remains depreciating or stays weak, the cost of borrowing in yen stays very low—this is the golden soil for carry trades. Borrowing cheap yen and converting to USD to chase risk assets can yield better on-paper returns. When repaying, the yen is worth more, reducing repayment pressure.

That's why global capital and hedge funds keep a close eye on yen depreciation. They finance with cheap yen and then enter markets with more volatility and higher returns—Bitcoin, US tech stocks, and other sectors are their hunting grounds.

From a technical perspective, the 152 level for USD/JPY is a watershed. As long as it doesn't break below 152, the yen's weakness trend continues. From this angle, short-term carry trade space remains ample, and risk assets still have room to rise.