According to The Kobeissi Letter, Japan's 30-year government bond yield has surged to 3.20%, marking a 100 basis point increase since its April 7th low and a 45% jump in just 44 days (Source: The Kobeissi Letter, Twitter, May 21, 2025). This rapid rise in Japanese yields signals tightening liquidity and increased volatility in global financial markets, which often leads to capital outflows from risk assets like cryptocurrencies. Traders should watch for potential downside in major crypto assets as higher yields in traditional markets may reduce demand for digital currencies.