QCP Asia: Japanese bond volatility combined with tariff risk rebound, market shifts to safe haven, Bitcoin under pressure Odaily Planet Daily News: QCP Asia has released its latest market observation, stating that global risk appetite has significantly cooled down in the past week. The sudden changes in the Japanese market and the resurgence of geopolitical tensions have pushed the market into a defensive state, causing the stock market to weaken and interest rates and macroeconomic policy risks to once again become the focus. QCP said that the repricing of Japanese treasury bond bond yield not only raised the domestic financing cost, but also was transmitting to the global market through cross-border duration allocation, financing assumptions, risk premium and other channels. Against the backdrop of the current market being highly sensitive to policy misjudgments, Japan has once again become one of the potential core sources of volatility. At the same time, the risk of trade frictions between the United States and Europe has resurfaced. The tariff related statements and potential countermeasures have increased the possibility of a stronger confrontational global trade environment, and market attention has shifted from the rhetoric itself to whether it will substantially tighten the financial environment and weaken market confidence. In this context, the cryptocurrency market is also under pressure. QCP points out that Bitcoin's current performance is closer to that of a high beta macro asset rather than a safe haven tool, and is highly sensitive to changes in interest rates, geopolitics, and cross asset volatility. Until clearer policy signals emerge, encrypted assets may still be primarily reactive and difficult to form a clear trend.