Japan is getting serious this time.

According to insiders, the Bank of Japan is very likely to hike interest rates this month—unless something unexpected happens in the meantime. This isn’t a minor move; if it happens, the policy rate will soar to its highest level since 1995. In other words, the era of ultra-loose monetary policy that has lasted nearly thirty years is about to end.

What’s more important is that this won’t be the last time. The central bank has made it clear: as long as the economic data holds up, more hikes will follow. Now the market isn’t worried about “whether they’ll hike,” but “how aggressively they’ll hike.” Take a look at overnight swap pricing—traders are betting on a 90% chance of a hike this month. That’s a strong signal, right?

The global liquidity tap is tightening. Japan used to be the last zero-interest-rate safe haven, but now even here, things are tightening up. Funds that relied on borrowing yen for carry trades will be hit first. The central bank’s own estimate for the neutral rate is between 1% and 2.5%, which means there’s still plenty of room for more hikes. Capital flowing back into yen assets? That trend could happen faster than many expect.

For the crypto market, the impact might be significant. Those who borrowed yen to leverage up on crypto will face higher costs, and many will have to consider closing their positions. Once deleveraging starts, selling pressure can come fast. Plus, with global monetary policies going in different directions—the US may cut rates while Japan hikes—this divergence could make volatility even more intense.

Bottom line: the rules of the liquidity game have changed, and the market will need to adapt.