BREAKING: Japan's stocks hit a three-month high. Its bond market sits at a 30-year extreme. Nikkei 225: about 70,700. 10-year JGB yield: 3.11%. 30-year: about 4.22%. Same day, PM Takaichi vowed more fiscal expansion. The BOJ hiked to 1.25% on September 18. Ueda says hikes are on the table at every meeting. Including this month's. Tokyo core inflation just jumped. The BOJ tightens. The government spends. Bessent expects Japan to act to lift the yen. The yen sits near 158 to 160. Japan has already spent a record $96,500,000,000 defending it. Next BOJ meeting: October 29-30. Why crypto should care. Japan is where cheap money comes from. Higher yields and a firmer yen shrink the carry trade. That trade funds risk assets worldwide. Japan's bond market is repricing global liquidity. Right now.