QCP Asia reports a marked cooling in global risk appetite driven by geopolitical tensions and unexpected shifts in the Japanese market, increasing market volatility worldwide. Rising Japanese government bond yields are elevating domestic and global financing costs, while trade frictions between the U.S. and Europe raise concerns about stricter financial conditions. Bitcoin and other cryptocurrencies are behaving like high-beta macro assets, showing vulnerability to these macroeconomic and geopolitical pressures without clear trend direction.

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