#数字资产市场动态 Japan's "Negative Interest Rate Era" Comes to an End; The Last Outlet for Cheap Money Is Closing

Last night, the statement from Bank of Japan Governor Ueda Kazuo made headlines—after more than thirty years, the negative interest rate policy is about to become history, and interest rates will continue to rise next year. This is not just a numerical adjustment; it's the closing of the last tap for the global "zero-cost arbitrage."

What has been the most enjoyable over the past thirty years? A classic move by global capital has been: borrow using near-zero-cost yen and then invest in various high-yield assets. The rules of this game are being rewritten. As Japanese bond yields rise and the yen plunges, the most affordable foundation beneath is sinking.

What does this mean for the crypto market? Three trends are worth watching:

**1. Liquidity Restructuring.** Global funds relying on yen arbitrage need new outlets, which may temporarily increase volatility across various risk assets. $BTC $ETH For these highly volatile assets, liquidity bases will be re-tested.

**2. Narrative Heating Up.** As sovereign monetary policies become increasingly uncertain, assets with policy-neutral attributes start to gain favor—this aligns well with the narratives in the blockchain space. Long-term stories may be re-evaluated.

**3. Repricing Period Is Coming.** During the restructuring of the global capital landscape, structural opportunities often emerge. Markets will fluctuate sharply, but beneath the volatility, there are tickets to be won.

Back to the big picture, in this grand liquidity shift, what truly holds value isn't how cheap money is, but whether it can genuinely solve real-world problems. Some projects' core logic isn't sustained by capital costs but by continuously creating real value—such as those transforming blockchain consensus into global education and public welfare. When policy cycles swing back and forth, this kind of long-term value built through action is the "hard asset" that can withstand cycles.

$BTC $ETH