Japanese government bond market shows signs of volatility: the 10-year yield breaks through 2.18%, reaching a new high since 1997, and creating the highest record in nearly 25 years. This seemingly ordinary number could potentially trigger waves in the global financial markets.

Market analysts estimate that to stabilize the domestic financial order, Japan may need to withdraw approximately $500 billion from overseas capital. Such a large-scale capital flow adjustment is bound to have a direct impact on the global liquidity environment. When capital movements in developed economies like Japan change, the liquidity distribution in emerging markets and digital asset markets will also fluctuate, which is a chain reaction worth close attention.