The Bank of Japan suddenly raised interest rates by 25 basis points yesterday, bringing the policy rate to 0.75%. It may seem like a small move, but what does it mean? The world's cheapest "money-printing machine" has officially shut down.

For decades, investors have been borrowing cheap yen in Japan to invest in high-yield assets—U.S. stocks, emerging markets, cryptocurrencies—all beneficiaries of this carry trade. Latest data from China Merchants Bank shows that these low-interest yen positions amount to as much as $9 trillion. And now? The interest rate differential between Japan and the U.S. is narrowing, and this cheap money is gradually exiting.

In the short term, Japan's government finances are expanding: the supplementary budget reaches 2.8% of GDP, and defense spending is to be increased to 3% of GDP. But this simultaneous easing and tightening scenario is a test for the Japanese bond market.

More critically—when this $9 trillion of low-interest carry trade funds start to flow back, what kind of震动 will the global markets experience? High-risk assets like $BTC, $DOGE will be among the first to feel the cold of liquidity withdrawal.

Now is the time to think: who will be the next market to be impacted? Pay attention to the liquidity turning point; it is approaching step by step.