Last night, the crypto market was still interpreting the Federal Reserve's next move, but a policy signal from the Bank of Japan suddenly rewrote the global financial landscape. This shift came somewhat unexpectedly — the Bank of Japan, long regarded as a "dovish" leader by the market, has shown a clear change in attitude during Kuroda Haruhiko's recent speech at the Japan Business Federation.

Although Kuroda's core statements were cautious in wording, the signals he sent were quite clear: Japan's wage growth is accelerating, and inflation is also expanding. The 2% inflation target that has been talked about for years is no longer just on paper but is approaching reality. What does this mean? It suggests that the Bank of Japan may need to change its long-standing ultra-loose monetary policy.

For the crypto market, this development is of significant importance. Over the past few years, the Bank of Japan has maintained a negative interest rate policy, resulting in extremely low real interest rates. In this environment,大量廉价资金四处寻求高回报——有的流向股票市场，有的则悄悄进入加密领域。一旦日本央行启动加息周期，低成本资金的供应就会受限，全球流动性面临收缩压力。

For capital-driven crypto markets, this is an unmistakable shift in sentiment. From the Bank of Japan's previous ambiguous statements to this clear stance, it reflects a fundamental change in policy thinking. The chain reaction of this move warrants careful attention from market participants.