Recently, I have been paying attention to the policy dynamics in Japan and discovered an interesting signal.

They are discussing cutting the cryptocurrency tax rate from 55% directly down to 20%. That difference is not small—the previous tax rate was practically driving local players away.

Speaking of which, during the big market rally in 2017, the purchasing power of Japanese retail investors was indeed a real driving force in the market. However, this group of people basically disappeared in the following years, with high tax burdens being the main reason. Now, if policies really do loosen, it shouldn't just be short-term speculative good news, but rather something that could lead to sustained capital inflows.

Structural changes are often more worthy of attention than temporary trends. After all, what the market needs is real money, not emotions.