Japan’s 10 year just hit 3%. First time since 1996. For 30 years the world borrowed yen for free and bought everything else with it. Stocks, bonds, crypto. That’s the carry trade. When Japanese yields rise, the free money stops being free. Borrowers unwind. They sell what they bought. August 2024 was the preview. BoJ hiked, the yen ripped, and BTC lost nearly 20% in a week. The trigger came from Tokyo, not crypto. BoJ meets September 17 and 18, two days after the Fed. That’s the week we’re watching like a hawk.
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