Japan's government is planning to factor in a 3% interest rate on bond expenses as part of its fiscal 2026 budget, according to reporting from Yomiuri. This shift matters more than you might think. When major economies adjust their debt-servicing costs, it ripples through global markets—affecting everything from currency movements to capital flows into alternative assets like crypto. A higher assumed rate could signal either tightening conditions or inflation expectations. Watch how this plays out: if Japan's debt carrying costs rise significantly, it might reshape how institutions allocate across different asset classes, including digital assets. It's the kind of macro policy move that usually gets overlooked until the market starts pricing it in.