The latest minutes from the Bank of Japan's meeting send a hawkish signal: the pace of rate hikes will accelerate, and 0.75% is definitely not the end point.

The minutes show that Japan has officially confirmed the start of a sustained rate hike cycle. Some members even advocate for "advancing every few months," which means the market's previous expectation of "once a year" could be directly upgraded to a rhythm of "two to three times a year." In the long term, Japan's policy goal is to bring interest rates back to "international normal levels," i.e., in the range of 1.25%-1.5%.

This is not bluffing. The market has already begun to digest this shift: the yen has strengthened accordingly, Japanese government bond yields have risen across the board, with the 30-year JGB yield jumping 1.62% in a single day. The profit opportunities in yen arbitrage trading are also rapidly shrinking.

Of course, dovish voices still exist. Many members have stated the need to closely monitor the Federal Reserve's moves to prevent risks from Japan's unilateral tightening policy. But the overall trend has become clear.

What does this mean for the crypto market? Japan, which has been continuously injecting liquidity, is shifting its role. From a global "water tap" to a "water reducer," this turning point may come faster and more fiercely than expected. By 2026-2027, normalizing interest rates is no longer just an assumption but is gradually becoming a reality. The pricing of risk assets has not yet fully adapted to this change, but the direction is certain.