Tokyo just dropped fresh 10-year sovereign paper—¥2.6 trillion worth, carrying a 1.700% coupon. Not exactly screaming yields, but it tells you where Japan's borrowing costs are sitting right now. For those tracking macro liquidity flows, this kind of issuance matters. When traditional safe havens price in rates like these, it shifts how capital allocates across risk assets globally. Keep an eye on yen strength and what it means for carry trades bleeding into crypto markets.