#数字资产市场动态 $ZEC $SUI $DOGE

The Bank of Japan is really going all out this time. As soon as the latest meeting minutes were released, the market understood—0.75% interest rate is not the end, there’s more to come.

Let’s look at their true intentions: first, to bring interest rates closer to "international normal levels," with a long-term goal of 1.25%-1.5%. Second, hawkish forces are strengthening, with some members even suggesting "meeting every few months," to avoid delays. Of course, dovish members still have concerns, as they have to consider the Fed’s stance and cannot be too aggressive.

The market is already reacting to these signals. The yen plummeted and strengthened, Japanese government bond yields surged across the board, with the 30-year bond rising by 1.62% in a single day. The arbitrage space is rapidly shrinking—what does this mean? Japan, which has been flooding the market with liquidity, is turning around.

Previously, everyone expected "rate hikes once a year," but now it looks like it will accelerate to "twice a year." Normalization of rates by 2026-2027 is no longer just a fantasy.

The pricing of risk assets has not fully reflected this major shift, but the direction is set—Japan, once the global liquidity "water tap," is officially starting to "turn off the valve." For the crypto market, changes in the global liquidity landscape are worth close attention.