Japan's continued rate hike expectations rise → Yen strengthens → Arbitrage funds withdraw → Crypto market comes under pressure

For BTC, the impact is usually short-term and slightly bearish
For altcoins and high-leverage positions, the effect will be more pronounced
There is only one exception: if the market interprets it as "Japan's economy normalizing, risks are less," then the impact might be milder, but the main trend still depends on liquidity, not the story