There's a relatively low-key piece of good news today. Japan's Ministry of Internal Affairs and Communications announced that the nationwide core CPI for April only increased by 1.9% year-on-year, lower than the market expectation of 2.2%, hitting a nearly 4-year low. Almost two years ago, when the Bank of Japan unexpectedly raised interest rates to 0.25%, Bitcoin plummeted 26% from $65,000 to around $50,000 in just a few days, and the entire crypto market evaporated about $600 billion within days. Unexpectedly, Japan's inflation has fallen below the 2% target much faster than the market anticipated. This means global funds involved in yen carry trades are no longer worried about a potential rate hike in June, and these funds make up a significant portion of the crypto market. Thanks to the Middle East situation driving up oil prices, the market was once very concerned that imported inflation might force the Bank of Japan to raise rates to 1% at the upcoming June meeting. Theoretically, global risk assets just dodged a major liquidity squeeze.