The Bank of Japan is losing control of JGB yields, and almost no one is paying attention.

The ¥500 trillion JPY carry trade is built on cheap leverage—leverage that’s rapidly getting more expensive. Meanwhile, the foreign assets backing it (mainly U.S. Treasuries) are underwater, illiquid, and trapped.

When forced liquidations begin, global insolvencies will explode. Credit markets will freeze, spreads will surge, and the dominoes will fall fast.

The crisis isn’t coming—it’s already baked in. The only question is: who gets wiped out first?

HODL #Bitcoin