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Japan's interest rate hike in 2025 may be the last 'black swan'.
Core impact: The disappearance of cheap funds triggers 'forced debt repayment'.

Japan has long been the world's largest 'ATM'. Because Japan's interest rates are extremely low, global investors are accustomed to borrowing cheap yen and converting it into dollars to invest in high-risk, high-return assets (such as Bitcoin and US tech stocks).
Now that Japan is raising interest rates (expected to increase to 0.75% on December 19), this logic has reversed:
1. Borrowing money has become more expensive: The cost of borrowing yen has skyrocketed, and previous arbitrage opportunities have been compressed or even resulted in losses.