#Strategy加仓比特币 Recently, there is a phenomenon worth noting: the flow of Japanese funds is quietly changing.

In the past, Japanese investors habitually bought large amounts of U.S. Treasuries, acting as the "financial transfusion vessel" for the United States. But now, the situation has reversed—the yields on Japanese government bonds have risen dramatically, with 40-year Japanese bonds even surpassing 4%, hitting a multi-decade high. This has directly awakened Japanese investors.

Sumitomo Mitsui, Japan's second-largest bank, recently made remarks that clearly illustrate the issue: once this wave of rising yields on Japanese bonds ends, they plan to significantly increase their holdings of domestic government bonds, potentially doubling their current scale. The reason is simple—if their own government bonds are so attractive, why go overseas to U.S. bonds and risk the spread?

The question is, without Japan as a long-term "financier," will there be a gap in U.S. Treasuries? Could global liquidity face tightening pressure? Such a scenario often has a significant impact on risk assets, and cryptocurrencies, as high-risk assets, may see even greater volatility.

The market landscape is quietly adjusting. Anticipating these shifts in capital flow can help in grasping the subsequent market rhythm.