#美国就业数据表现强劲超出预期 The turning point of an era has arrived. The Bank of Japan has ended its eight-year negative interest rate policy, which is not just an interest rate adjustment but a profound reshaping of the global financial ecosystem.

Once, nearly $9 trillion of yen arbitrage funds acted like an invisible hand, ubiquitously supporting global asset prices. In those years, cheap liquidity fueled the frenzy in stocks, bonds, and even the crypto markets. Now, that hand has let go.

What’s even more noteworthy is Japan’s policy paradox: on one side, aggressive rate hikes to withdraw liquidity; on the other, massive fiscal stimulus accounting for 2.8% of GDP, along with doubled defense spending and consumption tax cuts—so is this tightening or easing? The result is dual pressure: investors face the fear of liquidity drying up while also having to digest the rising debt expectations.

Global markets are experiencing a dual resonance of liquidity withdrawal and debt risk. When the last bastion of negative interest rates collapses, the era of cheap capital will come to an end. Whether it’s traditional assets or $BTC $ETH $BNB, every investment category will face a common issue—money is really getting more expensive.

The curtain has already risen on this withdrawal. Is your investment portfolio ready to withstand the shock of liquidity tightening?