#数字资产市场洞察 The Truth Behind the Bank of Japan's Rate Hike: The Era of Cheap Global Funds Officially Ends

Recently, the market has been focusing on the interest rate figures themselves, but the real risk comes from the invisible funding chain behind them.

Honestly, the Japanese yen has long served as the "ATM" for global carry trades. Hedge funds and institutional investors are eager to borrow at low Japanese interest rates and then shift into high-risk, high-return assets—such as tech stocks, emerging markets, and cryptocurrencies. Once rate hikes begin, this game reverses. What does rising borrowing costs mean? Trillions of dollars in cheap funds will rush to exit, and most likely flow back to Japan.

This shift will trigger a chain reaction. Overvalued tech stocks will come under pressure first, as they are built on valuation bubbles supported by low interest rates. The shockwave will then impact Hong Kong stocks (most sensitive), and subsequently transmit to A-shares (slower response). As a risk asset, the crypto market will see shrinking trading volumes and a defensive trend become the norm.

The key point is that this won't be an instant crash but a slow yet persistent "bleeding out" process. During the liquidity tide, cash and stable debt assets will regain value, and high-dividend defensive stocks will become the preferred safe havens.

The lesson for the crypto world is straightforward: prepare for capital pressure and switch to a defensive mindset.