Recently, many people have been worried about the Bank of Japan raising interest rates, fearing a repeat of the Bitcoin crash from $60,000 to $50,000. But if you take a closer look at market dynamics, you'll find that this time the situation is entirely different.

The Bank of Japan announced their intention to raise interest rates a month in advance, a tactic called expectation management—everyone knew this was going to happen. What's the key? Savvy speculators had already prepared from the start, betting on the yen appreciating early, and made enough profit beforehand. When the rate hike actually happened, why would they dump their positions and run? This is what the market often calls "buy the rumor, sell the fact."

Another crucial detail: Japanese government bond yields had already been ridiculously high, so this rate hike was not an unexpected surprise but rather a stamp on an already established fact.

Even more interesting is the macro backdrop. The Fed has just signaled a clear intention to cut rates. Comparing the two reveals the pattern—Japan's "slow-paced" adjustment versus the U.S.'s "rapid" liquidity release. Under these circumstances, global hot money won't flow into Japan but will continue to seek opportunities elsewhere.

Therefore, the impact of Japan's rate hike this time is actually limited. The previous panic-driven de-leveraging has already passed, and market expectations have adjusted accordingly. Instead of scaring ourselves, it's better to observe the actual market response—data will tell the story.