日本$ 500B的債券市場崩潰引發了人們對全球金融傳染的擔憂。

收益率上升和日元減弱的日元正在施加壓力，即攜帶行業和傳統的避風港。當投資者尋求避免越來越多的主權債務風險時，比特幣需求激增。

Japan's bond market is quickly unraveling, and the consequences could resonate far beyond the Asian nation's shores.

日本的債券市場正在迅速消失，後果可能會引起亞洲國家的海岸的共鳴。

As rising yields put pressure on carry trades and traditional safe havens, investors are turning to Bitcoin.

隨著增加的收益率對進貨行業和傳統的避風港施加壓力，投資者正在轉向比特幣。

What began as a gradual unwinding of the Bank of Japan's (BOJ) years-long bond-buying spree has snowballed into a rapid move that has wiped out more than half a trillion dollars in value from Japan's bond market in just a few weeks.

最初是對日本銀行（BOJ）長達數年的債券狂歡的逐漸放鬆，這是滾雪球迅速滾滾而來，在短短幾週內，從日本的債券市場中奪走了超過半數万億美元的行動。

This surge in bond volatility has brought it back to levels last seen during the 2008 crisis, setting the stage for broader market turbulence.

這種債券波動的激增使它恢復了2008年危機期間的最後水平，為更廣泛的市場動盪奠定了基礎。

From Tokyo to Wall Street, this collapse is driving a quiet – but growing – shift into Bitcoin as investors seek refuge from the implications of rising sovereign debt.

從東京到華爾街，由於投資者尋求避難所的避難，這一崩潰正在驅動到比特幣的安靜（但又不斷發展）。

While some are focused on the immediate impact of the BOJ's policy shift, the broader macroeconomic trends are setting the stage for a pivotal year in global finance.

儘管有些人專注於展望政策轉變的直接影響，但更廣泛的宏觀經濟趨勢正在為全球金融的關鍵年份奠定了基礎。

Japan's bond market collapse has brought bond volatility to 2008 levels, and analyst Financelot is raising concerns over the implications for market liquidity.

日本的債券市場崩潰使債券波動率達到了2008年的水平，分析師Financtot正在引起人們對市場流動性影響的擔憂。

"Japan’s bond market liquidity has dropped to 2008 Lehman crisis levels. Are we about to experience another financial crisis?" the analyst asked.

“日本的債券市場流動性已降至2008年雷曼危機水平。我們是否要遇到另一種金融危機？”分析師問。

After years of aggressively buying government bonds to keep yields low and stimulate the economy, the BOJ is now stepping back from its massive intervention. However, even a partial exit is flooding the market with bonds, quickly eroding prices as yields rise.

經過多年的積極購買政府債券以保持低收益並刺激經濟，棚屋現在正在退出大規模的干預措施。但是，即使是部分退出，也以債券淹沒了市場，隨著收益率上升而迅速侵蝕了價格。

With the BOJ still holding over $4.1 trillion in bonds – 52% of the entire market – even a small shift in policy has a significant impact.

隨著棚屋的持有債券仍超過4.1萬億美元 - 佔整個市場的52％ - 甚至政策的小轉變也會產生重大影響。

As the central bank pulls back, the pace of bond buying by commercial banks and institutions is struggling to keep up, especially with the yen also weakening rapidly against the dollar.

隨著中央銀行退縮，商業銀行和機構購買的債券購買速度正在努力跟上，尤其是日元也迅速削弱了美元。

This double whammy is now setting the stage for a potential carry trade unwinding, which could have far-reaching consequences for global liquidity.

現在，這種雙重打擊正在為潛在的攜帶貿易奠定基礎，這可能會對全球流動性產生深遠的影響。

Japan's Economy Stains As GDP Shrinks And Inflation Surges

日本的經濟污點隨著GDP的縮小和通貨膨脹的潮流

To worsen matters, Japan's economic numbers in Q1 showed that GDP shrank by 0.7%, double the 0.3% decline economists had anticipated.

為了使事情惡化，日本在第一季度的經濟數量表明，GDP縮小了0.7％，是經濟學家預期的0.3％下降的兩倍。

This downturn was largely driven by a 1.3% drop in government spending, setting the stage for a broader slowdown in the world's third-largest economy.

這種低迷的主要原因是政府支出下降了1.3％，這為世界第三大經濟體的更大放緩奠定了基礎。

Despite the gloomy outlook, Japan's economy grew 0.6% quarter-on-quarter, better than the 0.5% growth economists had expected.

儘管前景令人沮喪，但日本的經濟卻增長了0.6％的四分之一，比0.5％的增長經濟學家預期的要好得多。

Consumer prices in Japan rose by 3.6% year-on-year in March, marking the ninth consecutive month of بالای inflation and in line with estimates.

日本的消費者價格在3月份同比同比上漲3.6％，標誌著連續第九個月的通貨膨脹和估計。

However, real wages declined by 2.1% year-on-year in February, setting the stage for a potential decline in consumer spending.

但是，2月的實際工資同比同比下降2.1％，為消費者支出的潛在下降奠定了基礎。

This mix of slowing growth and sticky inflation – often termed stagflation – is putting pressure on investors and policymakers to adjust their strategies.

增長放緩和通貨膨脹的這種混合（通常稱為停滯）給投資者和政策制定者施加壓力，以調整其策略。

The yen carry trade, a key strategy used by global investors to capitalize on low Japanese yields and a weak yen, is now coming under pressure as the macroeconomic outlook shifts.

日元攜帶貿易是全球投資者用來利用日元低的收益率和日元薄弱的關鍵策略，隨著宏觀經濟前景的轉變，現在正處於壓力下。

Rising Japanese yields are also putting pressure on U.S. Treasury bonds, especially with institutions reducing their holdings.

日本收益率上升也對美國國債債券施加了壓力，尤其是機構減少了其持股。

Institutions slashed their Treasury bond positions by $119.3 billion in Q1 2023, the largest quarterly reduction since 2012, according to the U.S. Treasury Department's Flow of Funds report.

根據美國財政部的資金流量報告，機構將其國庫券的頭寸減少了1,193億美元，這是自2012年以來最大的季度減少。