As the Japanese Yen approaches the 160 level against the US dollar, hitting a 34-year low, the direction of global risk-averse capital has become clearer. The Bank of Japan raised interest rates to a 30-year high, sounding like tightening, but in reality, real interest rates remain deeply negative. This mismatch of "tight monetary policy + loose fiscal policy" has instead intensified the Yen's depreciation spiral.

Interestingly, this wave of depreciation is rewriting Japan's asset allocation logic. Over the past three years, the Yen has depreciated by 30%, while trading volume for the BTC/JPY pair has surged by 300%. Can you sense the signals behind this? Japanese investors are actively hedging their domestic currency risk. Former BitMEX CEO Arthur Hayes even boldly predicted that the Yen could fall to 200, with Bitcoin potentially soaring to the million-dollar mark. While such aggressive forecasts may be exaggerated, the underlying trend warrants serious attention.

More convincingly, the actions of listed companies are also telling. Hotel group Metaplanet has liquidated its Yen reserves and gone all-in on Bitcoin. The result? Its stock price skyrocketed 48 times in 12 months, with 85% of profits coming from the appreciation of crypto assets. This is not retail gambling but strategic choices by listed companies. The demonstrative effect is significant—Japan's crypto trading accounts have already surpassed 11 million, with retail investors beginning to participate in crypto asset allocation through various channels.

Policy signals are also positive. Japan's crypto brokerage reform bill has been approved, with relaxed stablecoin regulations and the potential lifting of the crypto ETF ban. As the traditional financial system faces dual pressures of Yen depreciation and government debt exceeding 260% of GDP, decentralized and supply-fixed cryptocurrencies, due to their supra-sovereign nature, are becoming a new safe-haven choice globally.

This is not just Japan's story. Behind the Yen's sharp decline is the gradual unfolding of a global fiat liquidity restructuring, with the hedging value of crypto assets being redefined in this cycle. The next wave of market trends may be quietly underway.