Japan: Bond market panic hits crypto (briefly)

30-year JGB yield → ~3.8–3.9% (highest in ~27 years).

Reason: carry trade is collapsing – cheap yen is no longer cheap, investors are repatriating capital → global liquidity is falling.

Saxo Bank: one of the key sources of global liquidity is disappearing.

Market reaction: risky assets down (BTC and stocks are falling), defensive assets up (gold/silver on highs).

BTC has already fallen below $90,000 due to this and Trump's tariff threats.

Next trigger: Friday, January 23 – Bank of England rate decision (expected 0.75% pause, but everyone is watching the bond rhetoric and future steps).

Bottom line: rising yields in Japan → liquidity outflow → pressure on crypto and risk markets.