According to CoinMeta, investors expect the Bank of Japan to further tighten its policies, which could lead to a collapse in short-term demand for Japanese government debt. The bidding coverage ratio for the 2-year Japanese government bond auction plummeted from 3.63 to 2.97, marking the lowest demand since September. Rising yields in Japan could strengthen the yen and accelerate the unwinding of yen financing arbitrage transactions, thereby increasing volatility in the stock and crypto markets.