In the early morning trading room, a news flash from Tokyo made crypto investors in front of their screens tense up. The speech by Bank of Japan Governor Ueda Kazuo spread through the community, with core content hitting straight to the point: "Real interest rates remain significantly low, and accommodative monetary conditions will continue." The following sentence was even more critical: "If the economic outlook meets expectations, interest rates will be gradually and mildly raised."

The chat window paused for a full minute. Everyone was digesting this signal.

**"The biggest risk has dissipated"**

A seasoned trader stared at the chart showing the yen's decline against the dollar and typed: "This time, the worst-case scenario has been torn up." Over the past two months, the biggest fear among global traders was a scenario—an aggressive rate hike by the Bank of Japan, causing a sudden tightening of global liquidity. That would mean huge capital borrowing in yen for global arbitrage would be forced to close positions, triggering a chain reaction.

Now, the BOJ's stance has changed the game. The so-called rate hikes are not a sudden tightening but a gentle adjustment roadmap spanning several years. The faucet won't be turned off abruptly, only gradually turned down. This gives arbitrage traders relying on the low-interest environment of the yen a breather—the anticipated wave of forced liquidations may really not come.

**But the problem is far from that simple**

The trader continued with a second observation: "In the coming days, we will navigate through the swings of central bank policies. Today dovish, tomorrow possibly hawkish—everything depends on employment data, inflation data, and even political factors." That is the real challenge—the honeymoon period of abundant liquidity, when no one knows when the sweetness will end.

Macroeconomic uncertainties are increasing continuously. When central bank policy expectations turn into a variable rather than a constant, all capital seeking high yields faces the same dilemma: how to enjoy the current liquidity dividend while hedging the risks of rapid policy reversals?

At such times, the safe-haven attributes of crypto assets are being re-evaluated. In the volatile environment of traditional finance, independent digital assets are playing an increasingly important role—they can participate in the global liquidity dividend without being fully hostage to central bank policies. Assets like USDD, related to stablecoins, are also being revalued in this macro context. The keywords for the next few years may be: flexible response, diversified allocation, risk hedging.