Japan's government bond yields have surged to levels not seen since 2008, signaling solidified market expectations for the Bank of Japan (BOJ) to raise policy rates. The 2-year government bond yield has risen to the 1% level, while forecasts suggest a policy rate of 1.0% by the end of next year. Rising yields are exerting pressure on domestic bond prices and raising concerns over global liquidity and the unwinding of carry trades. The 10-year government bond yield has also climbed significantly, reaching approximately 1.84%, its highest level since April 2008. Simultaneously, the 20-year yield has climbed to 2.855%. These shifts across the yield curve suggest a broad tightening of monetary conditions in Japan. Global investors are closely monitoring these moves as potential headwinds for risk assets, including cryptocurrencies, as the era of ultra-loose Japanese monetary policy appears to be ending. [Update 1] New data confirms the 10-year JGB yield has touched 1.84%, reinforcing the trend seen in the 2-year yield (1%) and signaling intense market anticipation of a BOJ hike.