According to CoinMeta, the Japanese yen has soared by about 3% against the US dollar this month, reaching its highest level since February. Markets are concerned that the closing of arbitrage trades will weaken the upward trend in global stock markets and impact the cryptocurrency market. Investors have borrowed yen to invest in high-return assets, and the appreciation of the yen has increased the cost of repayment, forcing them to sell their holdings. KBC Securities Global Stocks Director Andrea Gabellone stated that the yen is a warning sign for global stock markets, with technology stocks being at the greatest risk, and the cryptocurrency market has also been impacted in the past.