japan just cut crypto tax from 55% to 20% effective april 10. 35 percentage points of friction removed for 125m people overnight. japanese corporations hold $3t+ in cash. even 0.5% allocation is $15b in new demand. for context, when GPIF got clearance to allocate to alternatives in 2014 they moved $226b. japanese fiscal year started april 1, meaning institutions have 11.5 months to deploy under the new regime. watch for japanese BTC and ETH ETF filings in Q2-Q3 2026. south korea still taxing crypto at 45%+, ...