Trade in financial markets feels like avoiding a barrier of stones, each requiring constant vigilance and agility. Like Bitcoin (BTC) and traditional risk assets stabilizes after last week’s Trump customs panic, disturbing movements in Japanese bonds emerge, throwing a wrench into the mixture.

The yield of 30-year-old Japanese government bonds rose to 2.88% early Tuesday, the highest since 2004, and recorded an increase of almost 60 base points in one week, according to data source card platform trade.

The dividend difference between the 30- and five-year bonds representing the premium investors that require to have ultra-long bonds over five-year bonds has been extended to an almost two decade height. The 10-year dividend has jumped approx. 30 basic points to 1.37% in one week, but remains good below the recent height of 1.59%.

These features of the ultra-long bonds have raised the alarm in the investor community, and rightly, as Japan has long been an international creditor and the top proprietor of the US Treasury. From January, Japan had $ 1,079 trillion in treasuries. In addition, for almost two decades, Japan has been an anchor for low -bond yields, especially across the advanced world, supporting increased risk taking in the financial markets.

So the ongoing increase in the ultra-long JGBs could incentive Japanese funds to sell international bond holdings and yen-funded risk-on-bears trades and move capital home. The resulting volatility of the US Treasury Market and the strengthening yen could add to risk aversion.

“Japanese has the largest international investment position in the world [and] They have a lot of money in different markets. If this money starts to be repatriated to Japan, it would definitely be negative, “said Garry Evans, chief strategist for global asset allocation at BCA Research, Monday in an interview with CNBC.

Bitcoin could also come under pressure, as it did last August when the first round of the yen berry allegedly deleted.

BTC is an asset with multiple appeals ranging from new technology to a refuge to a store with value. The narrative was strengthened last week when the escalating customs war between Trump administration and China led to broad-based risk aversion. However, BTC fell less than Nasdaq and S&P 500.

The relative resilience has been hailed as a sign of Cryptocurrency’s evolution as low beta games of some, while a hedge of others, while effectively ignoring the fact that cryptocurrency has been able to lower since the beginning of February, and probably priced a trade war that triggered sharp losses on the US stock market last week.

So stay aware!