日本$ 500B的债券市场崩溃引发了人们对全球金融传染的担忧。

收益率上升和日元减弱的日元正在施加压力，即携带行业和传统的避风港。当投资者寻求避免越来越多的主权债务风险时，比特币需求激增。

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

日本的债券市场正在迅速消失，后果可能会引起亚洲国家的海岸的共鸣。

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

随着增加的收益率对进货行业和传统的避风港施加压力，投资者正在转向比特币。

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.

最初是对日本银行（BOJ）长达数年的债券狂欢的逐渐放松，这是滚雪球迅速滚滚而来，在短短几周内，从日本的债券市场中夺走了超过半数万亿美元的行动。

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

这种债券波动的激增使它恢复了2008年危机期间的最后水平，为更广泛的市场动荡奠定了基础。

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.

从东京到华尔街，由于投资者寻求避难所的避难，这一崩溃正在驱动到比特币的安静（但又不断发展）。

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.

尽管有些人专注于展望政策转变的直接影响，但更广泛的宏观经济趋势正在为全球金融的关键年份奠定了基础。

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

日本的债券市场崩溃使债券波动率达到了2008年的水平，分析师Financtot正在引起人们对市场流动性影响的担忧。

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

“日本的债券市场流动性已降至2008年雷曼危机水平。我们是否要遇到另一种金融危机？”分析师问。

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.

经过多年的积极购买政府债券以保持低收益并刺激经济，棚屋现在正在退出大规模的干预措施。但是，即使是部分退出，也以债券淹没了市场，随着收益率上升而迅速侵蚀了价格。

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.

随着棚屋的持有债券仍超过4.1万亿美元 - 占整个市场的52％ - 甚至政策的小转变也会产生重大影响。

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.

随着中央银行退缩，商业银行和机构购买的债券购买速度正在努力跟上，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.

现在，这种双重打击正在为潜在的携带贸易奠定基础，这可能会对全球流动性产生深远的影响。

Japan's Economy Stains As GDP Shrinks And Inflation Surges

日本的经济污点随着GDP的缩小和通货膨胀的潮流

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

为了使事情恶化，日本在第一季度的经济数量表明，GDP缩小了0.7％，是经济学家预期的0.3％下降的两倍。

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.

这种低迷的主要原因是政府支出下降了1.3％，这为世界第三大经济体的更大放缓奠定了基础。

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

尽管前景令人沮丧，但日本的经济却增长了0.6％的四分之一，比0.5％的增长经济学家预期的要好得多。

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.

日本的消费者价格在3月份同比同比上涨3.6％，标志着连续第九个月的通货膨胀和估计。

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月的实际工资同比同比下降2.1％，为消费者支出的潜在下降奠定了基础。

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

增长放缓和通货膨胀的这种混合（通常称为停滞）给投资者和政策制定者施加压力，以调整其策略。

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.

日元携带贸易是全球投资者用来利用日元低的收益率和日元薄弱的关键策略，随着宏观经济前景的转变，现在正处于压力下。

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

日本收益率上升也对美国国债债券施加了压力，尤其是机构减少了其持股。

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.

根据美国财政部的资金流量报告，机构将其国库券的头寸减少了1,193亿美元，这是自2012年以来最大的季度减少。