Japan's 10-year government bond yield finally climbed above 2.4%, which sounds like a joke—what does 2.4% mean to global investors? Any US money market fund easily offers you 5%. But in Japan, this is called "a seismic shift."

For decades, Japan relied on a low-interest environment built on "zero or even negative interest rates": the government borrowed wildly, companies borrowed almost for free, and ordinary people kept money in banks because there was no interest anyway. Now, this foundation is shaking. The higher the yields, the heavier Japan's debt repayment costs become. The scale of Japanese debt exceeds 250% of GDP, and for every one-point increase in interest rates, the fiscal books are hit with a huge additional expense.

The question is: will the Bank of Japan dare to raise interest rates further? If yes, debt pressure could crush the fiscal situation; if no, the yen will continue to depreciate, import costs will soar, and people's lives will only get harder. This is a dilemma—an economic term called "Japan's destiny."

Since reaching its highest point since 1999, it indicates not how strong Japan's economy is, but that the absurd era of negative interest rates is finally coming to an end. As for what happens after—good question, the whole world is asking. #Gate广场四月发帖挑战 $PLAY