\u4e16\u754c\u4e2d\u306e\u91d1\u878d\u5c02\u9580\u5bb6\u304c\u3001\u6697\u53f7\u901a\u8ca8\u5e02\u5834\u306e\u6b21\u306e\u5927\u304d\u306a\u6df7\u4e71\u306f\u6697\u53f7\u30bb\u30af\u30bf\u30fc\u305d\u306e\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u3080\u3057\u308d\u65e5\u672c\u306e\u56fd\u50b5\u5e02\u5834\u306b\u3088\u3063\u3066\u5f15\u304d\u8d77\u3053\u3055\u308c\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3068\u3044\u3046\u61f8\u5ff5\u3092\u8868\u660e\u3059\u308b\u3053\u3068\u304c\u5897\u3048\u3066\u3044\u307e\u3059\u3002\u6700\u8fd1\u306e\u7814\u7a76\u3067\u306f\u3001\u65e5\u672c\u306b\u304a\u3051\u308b\u5229\u56de\u308a\u306e\u4e0a\u6607\u304c\u3001\u6697\u53f7\u3084\u305d\u306e\u4ed6\u306e\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u6210\u9577\u3092\u652f\u3048\u308b\u91cd\u8981\u306a\u8981\u7d20\u3067\u3042\u308b\u6d41\u52d5\u6027\u306b\u3001\u4e16\u754c\u7684\u306a\u5f15\u304d\u7de0\u3081\u52b9\u679c\u3092\u3082\u305f\u3089\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002.<\/p>\n
\u9577\u3044\u9593\u3001\u4e16\u754c\u3067\u6700\u3082\u4f4e\u91d1\u5229\u306e\u56fd\u3068\u3057\u3066\u77e5\u3089\u308c\u3066\u3044\u305f\u65e5\u672c\u304c\u3001\u4eca\u3001\u9a5a\u304f\u3079\u304d\u5909\u5316\u3092\u898b\u305b\u3066\u3044\u307e\u3059\u3002\u56fd\u50b5\u306e\u5229\u56de\u308a\u306f\u6e80\u671f\u3054\u3068\u306b\u5927\u304d\u304f\u4e0a\u6607\u3057\u3001\u9577\u671f\u50b5\u306e\u5229\u56de\u308a\u306f\u904e\u53bb\u6570\u5341\u5e74\u9593\u898b\u3089\u308c\u306a\u304b\u3063\u305f\u6c34\u6e96\u306b\u9054\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u6570\u5341\u5e74\u306b\u308f\u305f\u3063\u3066\u91d1\u878d\u7de9\u548c\u653f\u7b56\u304c\u7d9a\u304d\u3001\u5b89\u4fa1\u306a\u501f\u308a\u5165\u308c\u3068\u5341\u5206\u306a\u6d41\u52d5\u6027\u3092\u3082\u305f\u3089\u3057\u3066\u304d\u305f\u6642\u4ee3\u304b\u3089\u306e\u5927\u304d\u306a\u5909\u5316\u3067\u3059\u3002.<\/p>\n
\u3053\u306e\u5909\u5316\u306e\u4e3b\u306a\u539f\u56e0\u306f\u3001\u65e5\u9280\u306b\u3088\u308b\u6bb5\u968e\u7684\u306a\u91d1\u878d\u653f\u7b56\u306e\u6b63\u5e38\u5316\u3067\u3059\u3002\u501f\u5165\u304c\u5272\u9ad8\u306b\u306a\u308b\u3068\u3001\u305d\u306e\u5f71\u97ff\u306f\u65e5\u672c\u5e02\u5834\u3060\u3051\u306b\u3068\u3069\u307e\u3089\u305a\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u8cc7\u672c\u30d5\u30ed\u30fc\u3001\u6295\u8cc7\u5bb6\u306e\u30bb\u30f3\u30c1\u30e1\u30f3\u30c8\u3001\u30ea\u30b9\u30af\u9078\u597d\u306b\u3082\u53ca\u3073\u307e\u3059\u3002.<\/p>\n
One of the most important connections between the Japanese bond markets and international crypto markets is the so-called “yen carry trade. ” For long, investors have been borrowing cheaply in Japanese yen and channeling the borrowed funds into higher-yielding assets all over the world, cryptocurrencies being one of them.<\/p>\n
\u3053\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u3088\u3063\u3066\u3001\u65e5\u672c\u306f\u591a\u304b\u308c\u5c11\u306a\u304b\u308c\u3001\u4e16\u754c\u5e02\u5834\u306b\u6d41\u52d5\u6027\u3092\u4f9b\u7d66\u3059\u308b\u7acb\u5834\u306b\u306a\u3063\u305f\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u5229\u56de\u308a\u304c\u4e0a\u6607\u3057\u3001\u501f\u5165\u30b3\u30b9\u30c8\u304c\u4e0a\u6607\u3059\u308b\u4e2d\u3001\u3053\u306e\u53d6\u5f15\u306e\u8ca1\u52d9\u7684\u6839\u62e0\u306f\u5d29\u308c\u59cb\u3081\u3066\u3044\u307e\u3059\u3002.<\/p>\n
\u6295\u8cc7\u5bb6\u304c\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u89e3\u6d88\u3092\u6c7a\u65ad\u3059\u308b\u3068\u304d\uff1a\u5f7c\u3089\u306f\u8cc7\u91d1\u3092\u5f15\u304d\u51fa\u3057\u3066\u65e5\u672c\u306b\u9001\u91d1\u3059\u308b\u3067\u3057\u3087\u3046\u3002.<\/p>\n
\u305d\u306e\u7d50\u679c\u3001\u4e16\u754c\u7684\u306a\u6d41\u52d5\u6027\u4e0d\u8db3\u304c\u751f\u3058\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u3001\u7279\u306b\u6697\u53f7\u901a\u8ca8\u306b\u58f2\u308a\u5727\u529b\u304c\u304b\u304b\u308b\u3067\u3057\u3087\u3046\u3002.<\/p>\n
\u6697\u53f7\u901a\u8ca8\u306f\u57fa\u672c\u7684\u306b\u3001\u6d41\u52d5\u6027\u304c\u8c4a\u5bcc\u3067\u4f4e\u91d1\u5229\u306e\u72b6\u6cc1\u3067\u7e41\u6804\u3057\u307e\u3059\u3002\u4e2d\u592e\u9280\u884c\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u6c7a\u5b9a\u3059\u308b\u3068\u3001\u6700\u521d\u306b\u72a0\u7272\u306b\u306a\u308b\u306e\u306f\u6697\u53f7\u901a\u8ca8\u306e\u3088\u3046\u306a\u6295\u6a5f\u7684\u8cc7\u7523\u306b\u306a\u308a\u304c\u3061\u3067\u3059\u3002.<\/p>\n
Historical data also support this argument. For instance, past rate changes in Japan coincided with sudden, although short, falls in major cryptocurrencies such as Bitcoin and Ethereum. These incidents drastically illustrate how crypto assets can be very sensitive to macroeconomic changes – especially those which have an impact on worldwide liquidity.<\/p>\n
\u3055\u3089\u306b\u3001\u65e5\u9280\u304c\u518d\u3073\u5229\u4e0a\u3052\u306b\u8e0f\u307f\u5207\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u3001\u6295\u8cc7\u5bb6\u306f\u4e0d\u900f\u660e\u611f\u304c\u5897\u3059\u3053\u3068\u3092\u6050\u308c\u3066\u3044\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u306e\u7126\u70b9\u306f\u3001\u4eca\u5f8c\u306e\u653f\u7b56\u6c7a\u5b9a\u306b\u79fb\u3063\u3066\u3044\u307e\u3059\u3002\u5c0f\u3055\u306a\u5909\u5316\u3067\u3055\u3048\u3001\u6697\u53f7\u5e02\u5834\u306b\u4e0d\u91e3\u308a\u5408\u3044\u306a\u53cd\u5fdc\u3092\u5f15\u304d\u8d77\u3053\u3059\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002.<\/p>\n
While the immediate focus is on financial markets, the broader implications for Japan\u2019s technology sector are Japan’s move to monetary normalization is linked to fundamental economic structural changes.<\/p>\n
\u4e00\u65b9\u3067\u3001\u3053\u308c\u306f\u826f\u3044\u3053\u3068\u3067\u3082\u3042\u308a\u307e\u3059\u3002.<\/p>\n
A financial setting that is more stable and normalized may serve as a pull factor for long-term institutional investments, thereby enhancing Japan’s stature as a mature and resilient tech market.<\/p>\n
However, for those businesses in the tech and digital asset sectors, the Japan’s bond markets developments present an important insight: liquidity cannot be taken for granted anymore.<\/p>\n
\u6295\u6a5f\u8cc7\u91d1\u306b\u4f9d\u5b58\u3059\u308b\u4f01\u696d\uff08\u6697\u53f7\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3001\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u65b0\u8208\u4f01\u696d\u3001\u9ad8\u6210\u9577\u30cf\u30a4\u30c6\u30af\u4f01\u696d\u306a\u3069\uff09\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u304f\u3001\u8cc7\u91d1\u8abf\u9054\u6761\u4ef6\u304c\u53b3\u3057\u304f\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002.<\/p>\n
\u4e00\u65b9\u3001\u5148\u9032\u56fd\u306e\u91d1\u878d\u6a5f\u95a2\u3084\u4f01\u696d\u306f\u3001\u8cc7\u672c\u304c\u6700\u3082\u6709\u76ca\u306a\u65b9\u6cd5\u3067\u6295\u8cc7\u3055\u308c\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u53b3\u683c\u306a\u6295\u8cc7\u74b0\u5883\u3092\u5229\u7528\u3067\u304d\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002.<\/p>\n
A Double-Edged Sword for Markets Yet interestingly it’s not a one-way scenario. If the hikes in yields make the markets unstable to a considerable extent, central banks (including the Bank of Japan) may step in by adding liquidity. These moves could reverse market sentiment and might even be the catalyst for the next crypto rally.<\/p>\n
\u653f\u7b56\u6c7a\u5b9a\u304c\u6d41\u52d5\u6027\u3092\u53d6\u308a\u623b\u3057\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u3092\u3088\u308a\u9b45\u529b\u7684\u306a\u3082\u306e\u306b \u6295\u8cc7\u5bb6\u3082\u4f01\u696d\u3082\u3001\u304b\u3064\u3066\u306a\u3044\u307b\u3069\u8907\u96d1\u306b\u7d61\u307f\u5408\u3063\u305f\u91d1\u878d\u74b0\u5883\u306b\u5bfe\u51e6\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002.<\/p>\n
\u5909\u5316\u3059\u308b\u65e5\u672c\u306e\u50b5\u5238\u5e02\u5834\u306f\u3001\u6697\u53f7\u901a\u8ca8\u3084\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30fb\u30bb\u30af\u30bf\u30fc\u5168\u4f53\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u3001\u4e16\u754c\u306e\u91d1\u878d\u60c5\u52e2\u306e\u4e3b\u8981\u306a\u8981\u56e0\u306b\u5909\u308f\u308a\u3064\u3064\u3042\u308a\u307e\u3059\u3002\u65e5\u672c\u56fd\u5185\u306e\u91d1\u878d\u653f\u7b56\u306e\u5909\u5316\u3068\u3057\u3066\u59cb\u307e\u3063\u305f\u3053\u3068\u304c\u3001\u4eca\u3084\u4e16\u754c\u306e\u6d41\u52d5\u6027\u30b5\u30a4\u30af\u30eb\u3068\u6295\u8cc7\u6226\u7565\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3057\u3066\u3044\u307e\u3059\u3002.<\/p>\n
\u7d4c\u6e08\u306e\u6b63\u5e38\u5316\u3068\u5e02\u5834\u306e\u5b89\u5b9a\u306e\u9069\u5207\u306a\u7d44\u307f\u5408\u308f\u305b\u3092\u898b\u3064\u3051\u308b\u5fc5\u8981\u304c\u3042\u308b\u305f\u3081\u3001\u3053\u306e\u5909\u5316\u306f\u65e5\u672c\u306b\u3068\u3063\u3066\u5927\u304d\u306a\u6311\u6226\u3067\u3059\u3002\u4e16\u754c\u306e\u30cf\u30a4\u30c6\u30af\u7523\u696d\u306b\u3068\u3063\u3066\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3001\u6295\u8cc7\u3001\u6210\u9577\u7d4c\u8def\u3092\u6c7a\u5b9a\u3059\u308b\u4e0a\u3067\u30de\u30af\u30ed\u7d4c\u6e08\u8981\u56e0\u304c\u307e\u3059\u307e\u3059\u91cd\u8981\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u6d6e\u304d\u5f6b\u308a\u306b\u3057\u3066\u3044\u307e\u3059\u3002.<\/p>\n
\u65e5\u9280\u304c\u3055\u3089\u306a\u308b\u653f\u7b56\u5909\u66f4\u306e\u6e96\u5099\u3092\u9032\u3081\u308b\u4e2d\u3001\u65e7\u6765\u578b\u306e\u91d1\u878d\u3068\u30c7\u30b8\u30bf\u30eb\u8cc7\u7523\u306e\u7d50\u3073\u3064\u304d\u304c\u5f37\u307e\u3063\u3066\u3044\u308b\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3042\u308a\u3001\u65e5\u672c\u304c\u305d\u306e\u4e2d\u5fc3\u306b\u3042\u308a\u307e\u3059\u3002.<\/p>","protected":false},"excerpt":{"rendered":"
Increasingly, financial experts worldwide are expressing fears that the next major turmoil in cryptocurrency markets might be caused not by the crypto sector itself, but rather by the government bond market in Japan. Recent studies show how the increase in yields in Japan is having a global tightening effect on liquidity the key ingredient behind the stellar growth of crypto and other risk assets. Rising Yields Signal a Structural Shift in Japan Japan, which for a long time was known as the country with the lowest interest rate in the world, is showing a quite remarkable change now. Government bond yields have increased significantly at different maturity intervals with longer-term […]<\/p>\n","protected":false},"author":7,"featured_media":30722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"wprm-recipe-roundup-name":"","wprm-recipe-roundup-description":"","postBodyCss":"","postBodyMargin":[],"postBodyPadding":[],"postBodyBackground":{"backgroundType":"classic","gradient":""},"footnotes":""},"categories":[197,1,8098],"tags":[547,12232,5458,892,12231],"ppma_author":[572],"class_list":{"0":"post-30721","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-blockchain","8":"category-fintech","9":"category-news-articles","10":"tag-blockchain","11":"tag-crypto-platform","12":"tag-cryptocurrency","13":"tag-digital-asset","14":"tag-japan-technology"},"yoast_head":"\n