#数字资产市场动态 $BTC $SUI $ZEC

【Bank of Japan shifts to shock the global carry trade ecosystem】

Bank of Japan Governor Kazuo Ueda delivered a major policy blow last night. Three key signals directly point to the direction of interest rates:

✦ Wage inflation spiral has already started
✦ Inflation will stabilize and stay above 2%
✦ The current interest rate level is abnormal and must return to normal

The most crucial step: continue raising interest rates in 2025. What does this mean? The 30-year golden era of "zero-cost yen" has come to an end.

For global hedge funds, that ever-running "cash machine" suddenly lost power. The once-viable carry trade—borrowing low-interest yen to invest in high-yield assets—has reached its end. Trillions of dollars in carry positions face systemic risk, and a liquidity crisis is imminent.

The pressing question now is: who will be the next forced liquidation? Some highly leveraged hedge funds? Or certain emerging market assets relying on cheap financing? What impact will this wave of liquidation have on the crypto market?

All uncertainties depend on subsequent policy pace and market adaptation speed.