Japan's economy sent a significant signal this week—this country is about to experience its first primary budget surplus in nearly 28 years. For Japan, which has long been caught in a cycle of fiscal deficits, this is not only a numerical turning point but also a fundamental shift in economic policy thinking.

The complexity of this transition lies in its "sense of balance." On one hand, Japan continues to maintain economic stimulus measures and is not rushing to withdraw them; on the other hand, fiscal discipline is quietly returning, with controlling spending becoming a priority. This "stimulate on one hand, tighten on the other" stance is rare among major global economies.

Market reactions are already evident. The yen is accumulating upward momentum—when a country's fiscal situation improves and debt pressures ease, capital votes in support of its currency. Meanwhile, international investors' concerns about Japanese government bonds are also dissipating, directly reducing the likelihood of financial risks triggered by government debt.

Deeper impacts are emerging in global capital allocation. The long-standing perception of Japan's economy as a "decline model" is being challenged by this fiscal shift. Reassessing Japanese assets—from stocks to exchange rates—has become a new focus for institutional investors.

For the crypto market, such macro policy shifts often reshape capital flows. When the attractiveness of traditional financial assets changes, valuations of risk assets are also adjusted accordingly. This time window is undoubtedly a key moment to observe the global liquidity landscape.