Japan's sovereign debt market is flashing red signals. The 40-year bond yield just hit 4% for the first time in history—a significant milestone that's catching everyone's attention. When JGBs move like this, the Bank of Japan faces mounting pressure to reassess its monetary stance. For crypto markets, watch closely: rising rates in major economies typically tighten global liquidity, which has historically correlated with shifts in risk asset allocation. This pivot in Japanese fiscal dynamics could ripple across digital asset markets as investors recalibrate their exposure to high-risk, high-return opportunities.