Japan's 20-year government bond yield just broke through to 3.135%, marking the highest level on record. This move signals shifting expectations around long-term interest rates and could reshape how investors think about global capital allocation.

For crypto traders watching macro trends, this matters. Rising JGB yields typically influence carry trade dynamics and broader risk appetite across emerging markets. When long-term rates climb this steeply, it affects everything from funding costs to the appeal of higher-yielding assets. The milestone reflects persistent inflationary pressures and potential shifts in Bank of Japan policy thinking—something worth monitoring as you size your portfolio positioning.