#美联储回购协议计划 Japan has not been completely "squeezed dry" yet; it has only reached the most dangerous critical point.

The current situation looks very clear: Japan still holds about 1.2 trillion in US Treasury bonds (the highest in the world), but warning signs have already flashed. Long-term yields on Japanese bonds have soared, carry trades are starting to unwind rapidly, and the BOJ is caught in a dilemma - wanting to raise interest rates but not daring to do so too aggressively, facing a dual deadlock with its fiscal policy and the yen.

What is the current situation of the "last few straws" of US dollar hegemony? The ranking is very brutal:

**The First Pillar: The United States Itself** (The most critical and enduring). Continuing to print debt and forcing the whole world to take the hit; this tactic can last another 5 to 15 years. Nothing is more effective than this.

**Second: Japan** (still barely supplying blood now). It wants to run but can't; if it runs too fast, it will explode first. When assets like $BTC and $ETH are volatile, Japan's role becomes even more awkward.

**Third: China/Middle East** (increasingly unreliable). Geopolitical changes and trade frictions have made this path very difficult to navigate.

**One-sentence conclusion**: Japan is the second-to-last straw, the last one being whether the United States is willing to continue playing the overdraw game. If Japan really goes down, there will be a global liquidity tsunami, and the United States will suffer the most.

The current situation is a prisoner's dilemma where everyone is dragging each other down, resenting one another, and no one dares to take the first step. The trajectory of mainstream coins like $BNB will also depend on the performance of BOJ and Japanese bond yields in 2026 — this will be a critical moment. Don't blink.