Many financial partners may be focusing on the 2:30 pm Japan interest rate decision by Bank of Japan Governor Kazuo Ueda. In fact, it is no longer important to raise interest rates in Japan at present. After all, the market recognizes the market interest rate, and generally we take the 10-year Japanese treasury bond bond interest rate as the reference basis (such as 👇 As for the benchmark interest rate triggered by raising or not raising interest rates, market interest rates are more informative! At present, the core impact of Japanese carry trades is leverage ratio. The three targets with the highest leverage ratios in the US stock and cryptocurrency markets are Nvidia, Tesla, and Bitcoin, which also leads to a high correlation among them. And in the past month, the continuously rising 10-year interest rates in Japan have also been one of the triggers for their decline. So when to buy at the bottom, there is a relatively good observation indicator: leverage ratio+valuation+Japanese interest rate situation. The unified observation of these three factors is of great reference significance for when the cryptocurrency market will bottom out and open up new trends. Leverage ratio can be found in the stock data of Nvidia and Tesla (FINRA, US Financial Industry Regulatory Authority). Valuation, Tesla is a good case study. After splitting the business, it is easier to find a reasonable valuation range by benchmarking, such as the automotive business, energy storage business, pedestrian robot business, FSD autonomous driving business, etc. Japanese interest rates mainly observe data for 10-year, 5-year, and 2-year periods. Why pay attention to Tesla and Nvidia frequently? Besides their strong correlation with BTC, they are also the key factors that have benefited from Japanese carry trades in the past two years and achieved high multiple growth, which completely exceeds their own value! After all, they are the leaders in AI and new energy vehicles, just like the logic of China's SMIC and Xiaomi. In the past two months, this logic has only been replayed across regions in China, which is called cross geographical and cross market arbitrage! 🧐