Recently, risk assets have collectively experienced a pullback, and everyone is looking for reasons. Setting aside those old clichés, I noticed a rather key signal — Japan's 2-year government bond yield has broken 1%, which hasn't been seen since the 2008 financial crisis, a full 17 years.

Why do I feel this matter is more reliable than other factors? The logic is simple: the U.S. stock market collapsing brings down global assets, and the chain reaction from unwinding yen carry trades is obviously broader in impact than any regional digital asset regulatory policy. After all, the tightening of liquidity has never been picky about its targets.