The big dump yesterday morning, many people may not have expected where the real trigger was - the expectation that the Bank of Japan might raise interest rates, which is actually more destructive than some domestic policy actions.

One thing that is easily overlooked: the yen is no longer just a "safe-haven currency"; it resembles an invisible reservoir of global dollar liquidity. The reasoning is straightforward—institutions borrow yen at ultra-low costs, exchange it for dollars, and then invest in higher-yielding assets. This "carry trade" strategy has supported a lot of market bubbles. However, once the Bank of Japan tightens interest rates, these leveraged positions will have to retreat urgently, and liquidity will be drained instantly.

Don't just focus on every move of the Federal Reserve; Japan's interest rate policy is also a "valve" level existence. The rate hike on March 19 this year abruptly halted the frenzy in the US stock market and the cryptocurrency world; another hike on July 31 caused Bitcoin to plummet directly from $62,000 to $49,000.

So this December, whether the Bank of Japan opens this door or not, we really need to listen carefully - with the faucet tightened, global liquidity will have to be on high alert.