The exchange rate of #数字货币市场回升 USD to JPY has明显走软 in the past few days, while the Japanese bond market is hitting historical highs — on Monday morning, the yield on Japan's two-year government bonds directly broke 1.000%, marking the first time since the 2008 financial crisis that it has reached this level.

What is the market betting on? The logic is actually not complicated: the tariff issue on the US side has temporarily cooled down, and risk appetite is rebounding; on the Japanese side, inflation data has been hovering at high levels, and interest rate hike expectations are being continuously reinforced. The reaction on the exchange rate level is very direct — the USD/JPY is now quoted at 155.78, down 40 points from last Friday's close, testing the low point of 155.65 reached last week.

The real focus is tonight. The Governor of the Bank of Japan, Kazuo Ueda, is about to give a speech, and everyone is waiting for him to release signals. With yield rates breaking through a threshold for the first time in 17 years and inflation pressures remaining high, will the central bank adjust its policy stance? This is the most concerning question for the market this week.

Other assets are also fluctuating: $BTC has pulled back more than 3% in a single day, and the Nikkei 225 and the Korea Composite Stock Price Index have fallen simultaneously. The nerves of the global market are currently focused on the next move of the Bank of Japan.