#美联储重启降息步伐 $ASTER, $ETH, $ZEC 's recent performance may be influenced by global macro policies.

After the major earthquake in Japan in early December, market analysis has generally shifted to focus on the Bank of Japan’s policy adjustments. Several research institutions believe that this earthquake may disrupt the BOJ’s original interest rate hike plans.

**The Bank of Japan’s Policy Game**

The BOJ’s next monetary policy meeting is scheduled for December 18-19. Previously, the market expected the bank to further advance policy normalization—that is, to complete a rate hike. But after the earthquake, analysts changed their tone. The logic is straightforward: if the disaster’s scope expands, the central bank will inevitably shift its focus to post-disaster economic stability and injecting liquidity, meaning a rate hike will likely be postponed.

This isn’t just Japan’s story. Global traders are watching central bank actions everywhere. The US Federal Reserve is meeting this week, and the market has fully priced in expectations for rate cuts. The Bank of Canada, Swiss National Bank, and Reserve Bank of Australia are also announcing policies this week, but most are expected to hold rates steady. Interestingly, these central banks’ decisions are still mainly based on their own economic data—the shockwaves from Japan’s earthquake haven’t directly affected their policy considerations.

**How Should Traders View This?**

Recent crypto market volatility is indeed closely linked to the macro liquidity cycle. If the BOJ changes course and delays a rate hike, global risk assets—including digital currencies—will feel a looser liquidity environment. By contrast, the Fed’s rate cut expectations have long been priced in, and the market’s focus is shifting.

The real key comes after December 18-19. The BOJ’s official policy statement will determine the market’s next expectations. Simply put, whether it’s a postponed rate hike or holding steady, the direction of liquidity will reshape asset pricing logic.