Japan's 40-year government bond yield breaks 3.999%, hitting the highest level since 2007. What does this historic data reflect? The pressure in the global bond market continues to intensify, and changes in the interest rate environment directly affect capital flows. When long-term government bond yields rise, investors' risk appetite may face adjustments, which has a profound impact on risk asset allocations including cryptocurrencies. As the world's third-largest economy, Japan's bond market performance is often an important window into global financial sentiment.