1 hour ago
2
Key Takeaways
- The BOJ held at 1.0% in an 8-1 vote, with Hajime Takata dissenting for an immediate rise to 1.25%.
- Markets read the single dissent as dovish, and the yen resumed sliding past 160 against the dollar.
- Suspected intervention a day earlier had pushed the yen 3.3% higher before it gave the move back.
- Bitcoin touched $65,340 before returning to $64,396, with support holding at $63,400-$63,600.
The decision matched the base case in our analysis of how Japan’s rate path affects Bitcoin, where a hold was expected to contain the immediate carry-trade risk while a surprise hike would have forced markets to reprice yen funding.
One Dissent Read as Dovish
The Policy Board approved the hold 8-1. Hajime Takata dissented, arguing for an immediate 25-basis-point rise to 1.25% on the grounds that upside price risks had increased enough to justify a pre-emptive move.
T...
English (US)