Japan 10-year government bond yield rises 5.5 bps to 2.745%

The signal here is less the size of the move than its direction: Japanese sovereign yields grinding higher matter because JGBs anchor global rate expectations, and a sustained rise narrows the yield advantage that has long pushed capital into risk assets. For crypto and other RWA markets, the transmission is indirect but real — higher domestic yields can pull Japanese capital home and tighten the global liquidity backdrop that digital assets lean on. Whether this is a one-day repricing or the start of a more durable shift in Japanese yields is the open question worth tracking.