The USD/JPY broke above 162, hitting a nearly 40-year high. Even the Bank of Japan's rate hike to 1% could not stop the yen's depreciation—this is not only an extreme event in the forex market but also a macro stress test that the crypto market is enduring.

The continued weakening of the yen means that capital outflows from Asia are intensifying. South Korea's chip investment plans and the AI computing power arms race have already diverted substantial funds; now, the yen's depreciation further boosts the appeal of USD-denominated assets, subjecting the crypto market to a more severe liquidity drain. Bitcoin is hovering around the $60k level, with consecutive net outflows from ETFs and crowded short positions in derivatives, but the macro headwind is the true structural issue.

The risk is: if the yen continues to weaken, triggering coordinated intervention by Asian central banks, a liquidity shock could occur in the short term; if left unchecked, global carry trades will persist, putting pressure on risk assets like crypto. Historical experience shows that extreme yen volatility is often followed by market turmoil. Current sentiment is approaching a "pain peak," but bottom signals have yet to be confirmed.

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