#美联储重启降息步伐 If the Bank of Japan really wields the rate hike knife, the whole world might start trembling.

You think this is just about the yen? Wrong.

This concerns the entire global financial leverage web.

In recent years, Japan pushed interest rates to zero or even negative—borrowing yen was basically free money.

So all the world’s smart money has been playing the same game:

Borrow yen, convert to USD, then scour the globe for high-yield opportunities. U.S. stocks have benefited, bonds have gained, emerging markets have tasted the soup. Crypto markets? They’re even heavier beneficiaries of this wave of cheap liquidity.

But once the rules of the game change—

If Japan raises rates, borrowing costs shoot up instantly.

Arbitrage opportunities? Gone in a flash.

Those who used yen leverage must start unwinding positions:

Sell U.S. stocks, sell bonds, sell crypto, sell commodities... Whatever went up, gets dumped.

After dumping, convert back to USD, then convert to yen to repay debts.

The yen appreciates all the way, making debt repayment even tougher, forcing more people to keep selling.

This is the global version of a "liquidation spiral,"

Almost identical to the logic of DeFi liquidations on-chain,

Except this time, it impacts trillions of dollars in global assets.

So don’t underestimate a single rate hike from Japan—it’s not just about the yen exchange rate, but the leverage tower global capital markets have built over the past decade or more.

The real risk is never in the headlines, but in that moment when structural leverage begins to unwind.

Don’t ever think this kind of systemic storm is far away from you.

Big market moves are often not pulled up, but slammed down by “leverage unwinding.”

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