tags. Meta description also needs translation.
We must maintain meaning, tone, facts, numbers, data accuracy. Preserve HTML structure. Translate naturally, not word-by-word. Use appropriate Japanese terminology for crypto/tech terms. Keep proper nouns like "Kevin Warsh", "Federal Reserve", "Senate", "Fed", "Republican" in original form (or use Japanese transliteration? Typically names are kept in original English or katakana. Since requirement says "keep proper nouns (names, company names) in original form", we should keep "Kevin Warsh", "Federal Reserve", etc. as is. But note: "Fed" is an abbreviation; in Japanese it's often "FRB" or "連邦準備制度理事会". However, requirement says keep proper nouns in original form, so we might keep "Fed" as "Fed" or translate? The instruction says "keep proper nouns (names, company names) in original form". "Fed" is a nickname, not a proper noun? Better to use "FRB" or "連邦準備制度" which is standard in Japanese financial news. But to be safe, we can use "FRB" as it's common. However, the original uses "Fed" multiple times. Let's check: "Federal Reserve" is a proper name, so keep as "Federal Reserve" or use Japanese "連邦準備制度"? In Japanese news, they often say "FRB" or "連邦準備制度理事会". I think it's acceptable to translate "Federal Reserve" as "連邦準備制度" (or FRB) because it's a standard term. But the instruction says "keep proper nouns in original form" - that might mean keep the English spelling. However, for readability in Japanese, it's common to use katakana or Japanese equivalent. Since the user said "Translate this article to Japanese", and the target audience is Japanese readers, we should use Japanese terms. But the requirement explicitly says "keep proper nouns (names, company names) in original form". "Federal Reserve" is a name of an institution, so we should keep it as "Federal Reserve" in English? That would look odd in a Japanese article. Typically, in Japanese translations of news, they write "連邦準備制度（FRB）" or just "FRB". I think we should follow common practice: use Japanese terms for institutions but keep personal names in original (Kevin Warsh). Let's see the example: "Kevin Warsh" is a name, keep as "Kevin Warsh". "Federal Reserve" - I'll use "連邦準備制度（FRB）" or just "FRB". But to be safe, I'll use "FRB" as it's a common abbreviation and still a proper noun? Actually FRB is an acronym. The instruction says "keep proper nouns (names, company names) in original form". FRB is not a company name, it's an institution. I think we can translate it. I'll use "連邦準備制度（FRB）" for first mention, then "FRB" thereafter. Similarly, "Senate" is a proper noun? "Senate" is the US Senate, which is a proper name. In Japanese, it's "上院". I'll use "上院" because it's standard. "Republican" is a political party, also proper noun? In Japanese, "共和党". I'll use that. "Crypto" - translate as "暗号資産" or "仮想通貨"? "Crypto markets" - "暗号資産市場". "tightening" - "金融引き締め". "hawkish" - "タカ派". "dovish" - "ハト派". "nomination" - "指名". "confirmation" - "承認". "portfolio rebalancing" - "ポートフォリオのリバランス". "institutional investors" - "機関投資家". "correction" - "調整". "rally" - "上昇相場". "interest rate signals" - "金利シグナル".
Now, translate the content paragraph by paragraph, preserving HTML tags. Also translate meta description.
Title: "Kevin Warsh's Fed Nomination Clears First Senate Hurdle, Crypto Markets Eye Tightening" -> "ケビン・ウォーシュ氏のFRB議長指名、上院の第一関門を通過－暗号資産市場は引き締めを警戒"
Content:
First paragraph: "Kevin Warsh's nomination to lead the Federal Reserve passed its first Senate vote this week, pushing the former Fed governor closer to the central bank's top job. The move signals a clear shift toward tighter monetary policy, a development that cryptocurrency traders and investors are already weighing."
Translation: "今週、連邦準備制度（FRB）のトップに就くケビン・ウォーシュ氏の指名が上院の最初の投票を通過し、元FRB理事が中央銀行の最高ポストに一歩近づいた。この動きは明らかな金融引き締め政策へのシフトを示しており、仮想通貨トレーダーや投資家はすでにその影響を考慮し始めている。"
H2: "The hawkish turn" -> "タカ派への転換"
Second paragraph: "Warsh, a former Fed governor with a reputation for favoring tighter money, has long argued that the central bank should act more aggressively to curb inflation. If confirmed, his leadership would mark a departure from the current dovish lean. Markets expect higher interest rates and a slower pace of asset purchases — a classic tightening cycle that typically drains liquidity from riskier assets."
Translation: "ウォーシュ氏は金融引き締めを支持する姿勢で知られる元FRB理事で、インフレ抑制のため中央銀行がより積極的に行動すべきだと長年主張してきた。承認されれば、彼のリーダーシップは現在のハト派傾向からの脱却を示すことになる。市場は金利上昇と資産買い入れペースの鈍化を予想しており、これは典型的な引き締めサイクルで、通常リスクの高い資産から流動性を奪う。"
H2: "Crypto's sensitivity to rate policy" -> "金利政策に対する暗号資産の感応度"
Third paragraph: "Digital assets have shown increasing correlation with macro conditions in recent years. When the Fed raises rates, speculative capital tends to flee high-volatility markets like crypto. The prospect of a Warsh-led Fed has already prompted some portfolio rebalancing among institutional investors, though the full impact won't be clear until the nomination is final."
Translation: "デジタル資産は近年、マクロ経済状況との相関性が高まっている。FRBが利上げすると、投機的な資本は暗号資産のような高ボラティリティ市場から逃げ出す傾向がある。ウォーシュ氏率いるFRBの見通しは、すでに機関投資家の間で一部のポートフォリオリバランスを促しているが、最終的な影響は指名が確定するまで明らかにならない。"
Fourth paragraph: "The timing isn't great for a market still recovering from last year's correction. A sustained tightening cycle could prolong the downturn or at least cap any near-term rally."
Translation: "昨年の調整からまだ回復途上にある市場にとって、このタイミングは良くない。持続的な引き締めサイクルは、低迷を長期化させるか、少なくとも短期的な上昇相場に上限を設ける可能性がある。"
Fifth paragraph: "The full Senate is expected to vote on Warsh's confirmation in the coming weeks. With Republicans holding a slim majority, the outcome is not assured, but the first vote suggests he has the support to advance. If confirmed, Warsh would take the helm at a moment when the Fed's every move is being watched by a crypto industry that has grown acutely sensitive to interest rate signals."
Translation: "上院本会議では今後数週間以内にウォーシュ氏の承認投票が行われる見通しだ。共和党が僅差の過半数を占める中、結果は確実ではないが、最初の投票は彼が先に進むための支持を得ていることを示唆している。承認されれば、ウォーシュ氏はFRBの一挙手一投足が金利シグナルに極めて敏感になった暗号資産業界によって注視される時期に舵を取ることになる。"
Meta description: "Kevin Warsh's Fed nomination cleared its first Senate vote this week, signaling tighter monetary policy that could affect crypto markets." -> "今週、ケビン・ウォーシュ氏のFRB議長指名が上院の最初の投票を通過し、暗号資産市場に影響を与える可能性のある金融引き締め政策を示唆した。"
Now, assemble JSON. Ensure we use double quotes. The content should be HTML string with tags. We need to preserve the original HTML structure exactly, just with translated text. So we'll replace the English text inside
