Japan's 10-year government bond yield just surged to 2.12%—marking the steepest climb since 1999. This isn't just a headline: when JGBs move this sharply, it reshapes global capital flows and rebalances risk appetite across markets. Higher rates in major economies typically tighten liquidity conditions, which can ripple through altcoin markets and DeFi protocols. Traders watching macro cycles should keep tabs on how this yen strength and yield spike plays into the broader digital asset narrative over the coming weeks.