Japanese Prime Minister Sanae Takaichi has just released a budget proposal that has attracted a lot of attention—issuing 29.6 trillion yen in government bonds next fiscal year. Converted to RMB, that's roughly 1.3 trillion, which is indeed a somewhat staggering scale.

To be honest, everyone has been watching Japan's economy over the past decade: deflation is tightly holding back growth, consumer spending is sluggish, and the country is also dealing with the pressures of an aging population. The government's approach has been limited to a few tricks—mainly relying on public investment to stimulate the economy. But continuing down this path carries significant risks—pumping liquidity relentlessly while hoping nothing goes wrong, like constantly inflating a balloon that might eventually burst.

From the perspective of the crypto market, such large-scale liquidity releases often produce spillover effects. When central banks and governments in developed countries simultaneously ease policies, risk assets tend to receive extra attention. Historical experience shows that Japan's easing cycles are often accompanied by a rise in global risk appetite—this presents both opportunities and hidden volatility for assets like Bitcoin and Ethereum.

The most crucial factor is where this money ultimately flows. If it mainly goes into infrastructure and industry, the impact is relatively controllable; but if the funds start permeating into financial markets, then the crypto market will definitely not escape this wave of shocks.