Major Signal! The 10-year Japanese government bond yield has soared to 1.96%, just a step away from 2%, and remains in a high range not seen in the past decade. This is not as simple as it seems; it’s about more than just Japan. Japan has long been one of the sources of low-cost global funds, with many financial structures and leverage operations assuming its “perpetually low interest rates.” Now, this assumption is being broken. Once the 2% threshold is effectively broken, the impact will be huge, and the flow of capital will need to be reshuffled. Can carry trades continue? Can low-cost financing still roll over? Which assets rely on “cheap money” to support valuations? If the market takes these questions seriously, reactions are often intense. While I don’t want to easily call it a “black swan,” this variable is like a delayed fuse; it may not explode immediately, but once it does, it will trigger a chain reaction. On the 19th, I must be especially vigilant. The most dangerous state of the market is “not taking it seriously yet.” I won’t be aggressive in trading these days; slow and steady is better, and taking profits when possible. Sometimes, judging right or wrong isn’t as critical; avoiding being caught in the storm is the top priority. The crypto market could also be affected, so everyone must be cautious!