#大户持仓动态 Recently, the actions of the Bank of Japan have caused quite a stir in the market, but have you ever thought about — the true impact of this event might be far beyond the surface-level excitement?

Let's start with a number: a 0.75% interest rate against over 3% inflation means that the real interest rate is still negative. In other words, money is still cheap, and global liquidity hasn't truly tightened.

So what is the key? Expectations. The market hates uncertainty the most. Now that the dust has settled, certainty has actually boosted investor confidence. More importantly — Japan's three-decade-long deflation curse might really be breaking. Wages are starting to rise, prices are steadily increasing, and the economic structure is turning around — this is a very different signal for the long term.

Looking at the surrounding reactions, it's clear. The banking and consumer sectors in the Japanese stock market have been directly ignited, indicating investors are betting on an economic recovery. The yen is also gradually strengthening, but global carry trades won't disappear overnight just because of one rate hike — this means ample liquidity will continue to flow in global markets.

The question now is: where is the capital headed? Historical patterns tell us that when the dollar weakens, risk assets tend to step in. Cryptocurrencies, as representatives of high-risk appetite, are actually strengthening in the long run — not that there won't be short-term volatility, but the big trend behind the fluctuations is quietly rewriting itself.

The US Dollar Index may come under pressure, giving assets like Bitcoin some breathing room. Meanwhile, the combination of yen appreciation and a strong Japanese stock market, based on historical experience, usually accompanies a return of global risk appetite.

Of course, the market will still fluctuate wildly in the short term — that's routine. But the real opportunities are often hidden at these historical turning points. The key is to understand the big direction — right now, the shift from deflation to mild inflation supports the valuation logic of digital assets.