Japan's decade-long government bond yield just crossed into 2.160% territory, marking a 7 basis point jump. This move matters beyond Tokyo—when JGBs get more attractive, capital flows shift globally. For crypto markets, rising yields in developed economies often reshape how investors think about risk and returns. Higher rates in traditional markets can influence stablecoin spreads, funding costs across exchanges, and the broader sentiment around alternative assets. The momentum here suggests the market's reading on Japanese monetary policy is shifting, which typically ripples through derivative pricing and carry trade positioning. Keep an eye on how this plays against other major economies' yield curves.