PANews reported on January 20th that, according to CoinDesk, panic in the Japanese government bond market has spread to the cryptocurrency market. On Tuesday, the yield on 30-year Japanese government bonds surged more than 30 basis points to 3.91%, a 27-year high, triggering a sell-off in global risk assets.

A Saxo Bank commodity strategist pointed out that Japan's long-standing status as one of the world's most reliable sources of liquidity is now facing a persistently high yield on its government bonds, indicating a waning of this support and a tightening of global liquidity. This shift, coupled with factors such as Trump's tariff threats, has exacerbated market risk aversion. As a result, Bitcoin prices fell below $91,000, while gold and silver continued to reach new all-time highs. Analysts believe that the Bank of Japan has limited policy options; whether it attempts to suppress yields or tighten monetary policy, it could further exacerbate global liquidity tensions. Market concerns are growing that a continued rise in yields could ultimately trigger a "rupture" in the financial system.