Global markets have shifted to a risk-off stance as Japanese Government Bond (JGB) yields rise and US-Europe tariff tensions resurface. This environment is prompting investors to adopt defensive strategies. The repricing of Japan's interest rates is contributing to increased global market volatility, while the renewed trade rhetoric between the US and Europe threatens to tighten financial conditions further. Bitcoin remains under pressure in this uncertain climate and is expected to remain reactive until clearer policy signals are provided.