This week's sharp decline in Japanese government bonds is a telling sign of market anxiety. Investors are increasingly wary of the aggressive spending policies rolling out across major developed economies, many of which are already burdened by substantial public debt. The bond market reaction reflects a broader concern: when governments keep spending without fiscal restraint, it typically spooks bond holders and forces yields higher. This kind of pressure in traditional markets often ripples into crypto sentiment too, as risk assets become less attractive when macro uncertainty rises.