Japan's central bank might pull the trigger on a rate increase come December.

If that happens, we're looking at a stronger yen pushing Japanese bond yields higher. But here's the kicker—this could drain liquidity from risk-on plays. Think BTC and broader crypto markets feeling the squeeze as capital rotates back to traditional safe havens. The correlation between yen strength and crypto selloffs isn't new, but timing matters. December's decision could set the tone for Q1 volatility across digital assets and equities alike.