Japan’s stock market is sending another warning signal. The Nikkei has fallen more than 4% today, wiping out over $400 billion in market value. The bigger question is not just what is happening in Japan. It’s what it means for global liquidity. Japan is one of the world’s largest economies and a major player in global capital markets. When major equity markets come under pressure, risk assets globally can feel the impact. Crypto has remained resilient so far, but liquidity conditions remain one of the biggest drivers of market direction. We are watching: • Global equities • Bond yields • Currency markets • Risk appetite