Japan's 10-year government bond yield just broke through 2.1%—marking the highest level since the 1990s. This is significant. When traditional bond yields spike like this, it reshapes the entire risk-return calculus across asset classes. Higher rates in developed markets typically strengthen the yen, compress valuations in growth assets, and shift capital flows globally. For crypto traders, this matters because it signals broader monetary tightening cycles and changes how institutions view alternative assets. The last time Japan saw yields at this level was decades ago. Worth tracking how this ripples through Bitcoin, altcoin markets, and decentralized finance platforms as investors recalibrate their portfolio positioning.