Japan's five-year government bond yield just hit a fresh record—the highest level since the instrument launched back in 2000. The spike reflects growing fiscal concerns as Japanese Prime Minister Sanae Takaichi moves forward with plans for a snap election. This kind of yield move matters beyond just Japanese markets. When major economies signal fiscal stress through their bond markets, it typically triggers ripple effects across global assets, including crypto. Rising government bond yields can reshape investor appetite for risk assets as traditional fixed income becomes more attractive. Market participants watching macro trends are paying close attention to how Japan's debt situation unfolds—especially with election uncertainty adding extra volatility to the picture.