#比特币与黄金战争 【The End of the Thirty-Year Zero-Interest Rate Era】

The first major statement after the Bank of Japan's leadership change directly hit the faces of global arbitrageurs.

Ueda Kazuo's pre-Christmas message was no small words: "We will continue to raise interest rates next year. This time, we are serious." Compared to last week’s "let’s observe and see," this turnaround is a true central bank reversal.

"Negative interest rates and zero interest rates have supported for thirty-seven years. Prices have risen, wages have caught up, and real interest rates are cheaper than discounts—doing nothing is no longer feasible."

In market terms: the Japanese yen, which has been printed for thirty years and used as a cash machine by global traders for arbitrage, is shutting down today. Investment portfolios relying on borrowing yen for easy profits need to quickly update their models.

A more painful comparison is—while raising interest rates, Japan is still injecting 122 trillion yen of liquidity. The Bank of Japan is playing a delicate balancing act: tightening policy outlook, but short-term preventing a collapse of liquidity.

How will this rate hike cycle evolve? No one can predict precisely. But one thing is clear: the "world’s cheapest financing cost" label on Japanese assets, which has lasted for thirty years, is being torn off.

As the sleeping monster of zero interest rates awakens, the seats of global capital are being reshuffled—whether in traditional finance or crypto markets, volatility is brewing. $ETH $BNB $ZEC The pricing logic of these assets should also be recalibrated accordingly.

This is not an end, but the beginning of new uncertainties.