In the past few years, the cheapest financing tool in the world was not anyone's loan, but the Japanese yen. When Japan had long-term negative interest rates, the Japanese yen was seen as an almost interest free credit card in the eyes of global funds, and the amount of money that could be withdrawn was particularly large. The gameplay is actually not complicated, but due to its large scale, its influence is exaggerated. How did everyone make money from negative interest rates in Japan at that time Borrowing Japanese yen is almost negligible due to the low or even negative interest rates in Japan. For large funds, this is equivalent to obtaining a long-term stable low-cost capital pool. 2. Exchanging Japanese yen into other currencies such as the US dollar is borrowing Japanese yen. If you want to make money, you have to go to places with higher returns, so you will exchange Japanese yen into emerging market currencies such as the US dollar or Australian dollar. 3. The most classic way to buy higher yield assets is to buy US treasury bond bonds, credit bonds, high dividend assets and even risky assets such as US stocks. As long as the yield of the target asset is significantly higher than the spread between yen financing costs, it is a wasted profit, which is called arbitrage. 4. Don't bet on the Japanese yen suddenly becoming expensive As long as the Japanese yen does not appreciate significantly or the appreciation is not significant, this route is very comfortable. Because the profit is based on interest rate differentials, if the yen remains weak, there may be an additional layer of exchange rate differentials when exchanging money back into yen. So everyone will find that the underlying assumption of this gameplay is that the Bank of Japan will always be dovish and the yen will always be cheap, at least not suddenly strong enough to spit out all the interest rate differentials. Why did this arbitrage route last so long? Because Japan's policies during that period gave the market a strong sense of certainty: low and stable interest rates. For funds, stability is more important than anything else. As long as it is stable, leverage will dare to increase and scale up, ultimately becoming an invisible fuel behind global risk assets. Why has Japan suddenly become hot again in the past few days? The market now basically regards the Bank of Japan's interest rate hike on December 19th as a high probability event, and the mainstream expectation is to add 25 basis points, from 0.5 to 0.75, close to the high range in 30 years. That is to say, the cost of borrowing Japanese yen for interest rate hedging has increased. Everyone has started to reduce or readjust their positions in order to maintain stability. The most torturous thing about this macro environment is not the direction, but the faster pace and stronger linkage between assets. When the Japanese yen fluctuates, the US stock market may shake along. At the same time, there is also news worth noting that Nasdaq is applying to the SEC to extend trading hours to 5 days a week, 23 hours a day, with a structure of approximately 4:00am to 8:00pm (East Coast) plus one night session from 9:00pm to 4:00am, with one hour left for system processing. On the surface, it appears to be an exchange volume service, but at the bottom, it is actually a traditional market that is moving closer to on chain logic: global funds have become accustomed to entering and exiting at any time, especially in the cryptocurrency market, which has completely changed the user's mindset for a long time on a 24/7 basis. At this point, the meaning of MSX @ MSX_CN comes out. If traditional exchanges are extending their business hours, then US stock tokenization platforms like MSX @ MSX_CN are more like shortening the path. Many people already have stablecoins or on chain funds in their hands. What they want is a lower threshold to obtain exposure to US stock assets, and their operating habits are also more on chain. Against the backdrop of prolonged trading hours and increasingly clear trends towards asset tokenization, the value provided by MSX is straightforward: to participate in the US stock market in a lighter way and turn high-quality assets into a more efficient form of circulation. If you want to access US stock assets with lower barriers to entry and higher efficiency, while also being more flexible in cross market allocation, you can register an MSX to have a better entry point when there is more volatility. Register MSX: http://(msx. com)/? code=Gr6c08