Odaily News QCP Capital published a statement saying that Japan's 30-year government bond yield broke through 3% to a record high, triggering a chain reaction in global financial markets. Japan's government debt accounts for 234% of GDP, and Prime Minister Shigeru Ishiba's recent remarks have exacerbated market concerns about fiscal sustainability. Although the yen exchange rate is traditionally more affected by short-term interest rate differentials, if the bond market sell-off continues, it may trigger capital inflows to push the yen up in the short term. The US 30-year Treasury bond yield simultaneously rebounded to above 5%, and investors are concerned about the debt outlook after the Trump administration's $3.8 trillion fiscal plan was blocked. Against the backdrop of increasing macro pressure, Bitcoin failed to break through $108,000 that day. Analysis shows that the current buying is mainly from strategic investors and listed company Metaplanet's continued purchases, but the market is worried that if the momentum of institutional currency purchases weakens, it may trigger profit-taking. The report pointed out that despite multiple pressures such as soaring bond yields, escalating tariffs and the risk of stagflation in the third and fourth quarters of the United States, Bitcoin has shown strong resistance to declines in the past month. If the price breaks through the previous high, it may trigger retail FOMO sentiment to boost a new round of increases. At present, we need to pay close attention to the transmission effect of fluctuations in the Japanese bond market on global risky assets.