#数字资产市场洞察 The dust has settled! The Bank of Japan announced a rate hike as expected, but this is just the beginning. The real turning point will be at the news conference with Ueda and Kuroda at 2:30 PM (Beijing time).

The decision was just announced, and the yen went on a rollercoaster: rising first, then falling. This reaction is quite telling—it indicates that the market understands that a single rate hike won't change much; this is just the starting point of a "gradual return to normal."

The question has now shifted. No one is anymore concerned about the fact of today's rate hike; all eyes are on a more critical issue: how Ueda and Kuroda will talk about the future path of interest rates.

The market generally expects the central bank to hold steady, adopting a "small, predictable" pace. In other words, every statement about the frequency of rate hikes and data-driven decisions could become a barometer for global capital flows. What does this mean for holders of the currency? It adds more certainty to the macro environment—a clearer overseas policy background makes trading logic less ambiguous.