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The Bank of Japan has "changed its face." Is the era of cheap global liquidity coming to an end?

In the past few days, Ueda and his remarks have caused quite a stir in the market. Simply put, he hinted that as long as inflation data remains on track, Japan will be determined to push ahead with interest rate hikes. This is not a press release but a clear signal—the decades-long era of ultra-low interest rates is truly coming to an end.

Why is everyone so tense? Because there is an invisible "big water pipe" in the global financial markets, hidden right in the Bank of Japan. When cheap yen loans are readily available, hedge funds and investment institutions worldwide are playing a game: borrow in yen (with nearly zero interest rates), then turn around and invest in high-yield assets like US stocks and cryptocurrencies. This is the famous yen arbitrage trade.

So, what’s the current issue? Once Japan starts raising interest rates and the yen begins to appreciate, the funds using yen as "ammunition" will have to rush back. Imagine several hundred billion dollars of capital simultaneously flowing back—what kind of scene would that be? A chain reaction of deleveraging, which no one can escape.

The most direct impact on the crypto market is this: when the yen is no longer the cheapest source of financing globally, the valuation logic of all high-risk assets will need to be rewritten. Assets like $BTC and $ETH, which are most resilient, may see volatility spike in the short term. Market sentiment has already shifted from "offensive mode" to "defensive mode."

There is also a bigger picture—Japan, as the ballast of the Asian financial system, shifting its policy will drive a reorganization of the entire regional capital landscape. Liquidity flows in financial centers like South Korea, Singapore, and Hong Kong will change, which also means that the capital situation in Asian crypto markets is undergoing a deep adjustment.

In simple terms: In the global liquidity game of 2026, how significant this move by the Bank of Japan will be is still uncertain. But one thing is certain—the era of "water withdrawal" has arrived. Is your investment portfolio ready?