According to The Kobeissi Letter, yields on Japan's 40-year government bonds have surged from approximately 0.25% in 2018 and 1.3% two years ago to over 3.5% as of May 2025, marking a historic high (source: The Kobeissi Letter on Twitter, May 25, 2025). This rapid increase in long-term Japanese yields signals significant shifts in global risk appetite and liquidity. For crypto traders, this could mean increased volatility as global investors may reallocate capital from risk assets like cryptocurrencies to higher-yielding government bonds. Additionally, rising Japanese yields could strengthen the yen, potentially impacting Bitcoin and altcoin trading pairs against JPY and global fiat currencies.