Japan's government bond market is in freefall. The 10-year JGB yield just broke through to 2.3%—the highest it's been in 27 years. Here's where it gets wild: if yields climb just 88 basis points to 3.18%, we're looking at a 29-year record. Totally plausible this year. But imagine the shock if we hit a 36-year peak at 8.27%. That scenario sounds extreme, but the trajectory is worth watching. When major economies' debt markets move like this, it ripples everywhere—including crypto.