🌀 The BOJ didn’t hike rates. But Governor Ueda’s message was more hawkish than the decision itself. The signal wasn’t the 1.0% policy rate. It was the shift in language. • Inflation risks are now seen as skewed to the upside. • The BOJ is willing to tighten faster if inflation accelerates. • A weaker yen is becoming a bigger inflation problem. • AI-driven investment is now part of the inflation outlook. • Another board member already voted for an immediate hike. Markets heard one thing: The bar for the next hike is getting lower. Why does this matter? A more hawkish BOJ could strengthen the yen, pressure carry trades, drain global liquidity at the margin, and increase volatility across equities and crypto. Sometimes the decision isn’t the story. The guidance is. Do you think the BOJ hikes at its next opportunity, or does inflation need to surprise further? 👇 #BankOfJapan #BOJ #Macro #Forex #Japan #Crypto #GlobalMarkets