The Japanese 10-year government bond yield reached a 30-year high Thursday, tracking the surge in US Treasuries and compounded by a weaker yen feeding inflation pressure. That matters for crypto because Japanese yields anchor the carry trade that funds risk positioning worldwide. US auctions are showing the strain too: a $44 billion seven-year note sale cleared 7 basis points above where the bonds traded beforehand, a premium that stands out in a market this deep. Credit spreads widened across investment grade and high yield.