A single 15bp rate hike in Tokyo wiped out $270 billion in crypto and crashed the Nikkei 12.4% in 2024. With the , JGB yields, and Japanese inflation all under pressure again in 2026, the next BOJ move may not stop in Tokyo. It could hit crypto and Nvidia at the same time.

A 15bp rate hike in Tokyo triggered a financial market disaster in August 2024. The Bank of Japan lifted its uncollateralized overnight call rate target from a 0–0.1% range to 0.25%. The fallout was global.

• plunged 12.4% on August 5, the worst single-session percentage decline since Black Monday in 1987, and the largest one-day point drop in the index’s history at 4,451 points.
• tumbled from around $64K in early August to an intraday low near $49K on August 5,…