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Japan's 10-year yield hit 3% for the first time since 1996 — a quiet event with loud implications for crypto. Japan has long anchored the world's cheap capital; as JGB yields climb and the yen sits near four-decade lows, the carry trade that quietly funds global risk gets costlier to hold. We saw a preview of that unwind in 2024. Crypto watches the Fed and misses Tokyo, but the marginal cost of global capital is being repriced here. #JGB10YTops3%