#数字资产动态追踪 The Governor of the Bank of Japan, Kazuo Ueda, recently sent an important signal: if economic and inflation data meet expectations, the central bank plans to continue raising interest rates. This is not a casual statement but a hint from the world's last major central bank still committed to ultra-loose policies that the stance is about to shift.

Why is the global market paying close attention to this development?

The reason is straightforward. Japan has been synonymous with negative interest rates and ultra-loose monetary policy for decades, which directly means a large amount of capital flowing globally in the form of yen loans seeking higher returns. Once Japan begins to raise interest rates, this "capital flow" will change.

What exactly might happen? Several chain reactions are worth monitoring:

First is the reverse movement of arbitrage trading. If the yen appreciates, funds that borrow yen to invest in high-yield overseas assets will start to retract. Second, the policy shift of an important economy in the Asia-Pacific region will influence the risk appetite across the area, leading regional markets to adjust their sentiment accordingly. Additionally, high-volatility assets like the crypto market will be among the first to feel the impact of liquidity expectations changes.

The current question is: at what pace will the Bank of Japan raise interest rates? How close is this potential "black swan" to us? Will this liquidity banquet in the global markets be quietly withdrawn with a sip of the drink?

A thought-provoking question: Will Japan's rate hikes first impact the US stock market, Asian equities, or cryptocurrencies? If arbitrage funds flow back into yen on a large scale, will this be a short-term boon or a headache for Bitcoin and Ethereum?