The Bank of Japan raised interest rates by 25 basis points as expected. The Bank of Japan's statement indicates that the real interest rate will remain at a very low level. If economic and price trends meet expectations and improve, the policy interest rate will continue to be raised. Even after the rate change, the monetary environment remains accommodative to support the economy. The meaning is: there will be further rate hikes in the future, but the pace will be very gradual. The hikes won't be too aggressive, nor will they quickly shift to tightening, but will proceed gradually. The statement appears to be quite mild, and we will see how Governor Ueda's speech this afternoon turns out.

Overall, this rate hike by the Bank of Japan has been relatively smooth.

We previously discussed that the impact of this Japanese rate hike is not expected to be significant. The focus is on the USD/JPY exchange rate. The continued decline in the USD/JPY exchange rate indicates that the carry trade retreat is not very large.

Also, based on the CFTC JPY positions, the impact doesn't seem to be very significant. #加密市场观察 $BTC $GT