The turning point of an era has arrived. The Bank of Japan has ended its eight-year negative interest rate policy, which is not just an interest rate adjustment but a profound reshaping of the global financial ecosystem.

Once, nearly $9 trillion of yen arbitrage funds acted like an invisible hand, ubiquitously supporting global asset prices. During those years, cheap liquidity fueled the frenzy in stocks, bonds, and even the crypto markets. Now, that hand has let go.
What’s even more noteworthy is Japan’s policy paradox: on one side, aggressive rate hikes to withdraw liquidity; on the other, massive fiscal stimulus accounting for 2.8% of GDP, along with doubled defense spending and consumption tax cuts—so is this tightening or easing? The result is dual pressure: investors face the fear of liquidity drying up while also having to digest the rising debt expectations.
Global markets are experiencing a dual resonance of liquidity withdrawal and debt risk. When the last bastion of negative interest rates collapses, the era of cheap capital will come to an end. Whether it’s traditional assets or #美国就业数据表现强劲超出预期 $BTC $BNB, every investment category will confront a common issue—money is really getting expensive.
The curtain has already risen on this wave of withdrawal. Is your investment portfolio ready to face the impact of liquidity tightening?