The Japanese bond market is undergoing a historic repricing, with the 10-year government bond yield soaring to 2.12% (the highest since 1999), and the 30-year government bond yield also hitting a record high of about 3.5%. Analysts warn that liquidity tightening is putting pressure on large-scale yen arbitrage trades, which are a key source of financing for global risk assets. Forced liquidations of these trades could cause volatility in markets including Bitcoin, as Japan's financial system faces a slow and severe stress test.