This morning, the Bank of Japan kept its rates at 0.75%.

Markets welcomed the decision with relief, and everyone moved on.
However, what truly deserves attention is not the final decision, but how it was made. The vote ended with 6 in favor of holding steady and 3 against.
3 members of the Japanese monetary committee believed rates should be raised immediately.
This is the highest number since Kazuo Ueda took over the institution. This means the dominant position within the committee is eroding, and a majority for a hike could form at the next meeting.
Why this directly concerns Bitcoin and all risk assets: the yen carry trade has been one of the most powerful liquidity drivers in global finance for the past 15 years.
When it unwinds, everyone cashes out. In August 2024, a BoJ move cost Bitcoin 23% in two days.
The countdown has started again. Here’s how this mechanism works and why it matters 👇