#美联储恢复降息进程 Japan's 30-year government bond yield reached a new high of 3.405%, and the TradFi sector has started to shout "the crisis is coming."

But from another perspective: this is precisely a signal of capital repricing.

The myth of low interest rates for thirty years is collapsing. When the last bastion of loose monetary policy in the world begins to falter, the rules of the game change.

Once the yen arbitrage trade reverses, the funds lying in a low-interest environment will frantically seek new outlets. US Treasuries? Gold? Yields and liquidity cannot keep up with the pace.

The ones that can truly handle this wave of capital influx are those markets that operate 24 hours a day and have global pricing.

These assets may become unexpected winners in the next round of global liquidity restructuring.

Don't be blinded by the superficial "risk narrative"; smart money is always looking for opportunities in panic.