Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The BOJ hiked the benchmark borrowing cost by 10 basis points, abandoning the prolonged negative interest rate policy.The new data-dependent BOJ could breed volatility and discourage the yen carry trades that are known to feed into risk assets.
The central bank voted to raise the benchmark interest rate to the 0% - 0.1% range, abandon the yield curve control program that puts downward pressure on global bond yields and stop purchases of exchange-traded funds and real estate investment trusts., the leading cryptocurrency by market value and a macro asset, extended losses following the BOJ’s rate decision, falling to under $63,000 during European trading hours.
According to MUFG Bank, BOJ governor Kazuo Ueda acknowledged that sticky domestic inflation and/or stronger economic growth could dictate more rate hikes. Essentially, the central bank’s future course of action depends on the incoming data as opposed to the previous six years when the bank's ultra-easy policy was on autopilot mode.
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