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  • Pcu Rlpmn906894

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    S. Ameer Ali
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    The Bank of Japan lifted its benchmark interest rate above zero after eight years of negative rates, ending its bond-buying programs. In response, Bitcoin fell to under $63,000 as the BOJ's tighter monetary policy could lead to further rate hikes. The BOJ governor acknowledged more rate hikes may be needed if inflation remains high or the economy strengthens further.

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    The Bank of Japan lifted its benchmark interest rate above zero after eight years of negative rates, ending its bond-buying programs. In response, Bitcoin fell to under $63,000 as the BOJ's tighter monetary policy could lead to further rate hikes. The BOJ governor acknowledged more rate hikes may be needed if inflation remains high or the economy strengthens further.

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    2 views1 page

    Pcu Rlpmn906894

    Uploaded by

    S. Ameer Ali
    The Bank of Japan lifted its benchmark interest rate above zero after eight years of negative rates, ending its bond-buying programs. In response, Bitcoin fell to under $63,000 as the BOJ's tighter monetary policy could lead to further rate hikes. The BOJ governor acknowledged more rate hikes may be needed if inflation remains high or the economy strengthens further.

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    Publication Name: <Plus Company Updates>

    Date: 19-03-2024

    Story ID: PCU RLPMN906894

    Credit Line: Staff Reporter

    Head Line: Bitcoin drops to $62.7K as the Bank of Japan lifts its eight-year
    negative rate regime

    Article Type: News

    Subject: Business

    The Bank of Japan (BOJ) has lifted its benchmark interest rates above zero, ending
    an eight-year regime of sub-zero borrowing costs without causing panic in the
    financial market. The central bank voted to raise the benchmark interest rate to
    the 0%–0.1% range, abandon the yield curve control program, and stop purchases of
    exchange-traded funds and real estate investment trusts.

    Bitcoin, 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. Traditional markets held relatively steady, with Japan's Nikkei
    index paring losses and other Asian stock markets trading mixed.

    BOJ governor Kazuo Ueda acknowledged that sticky domestic inflation and/or stronger
    economic growth could dictate more rate hikes. Further monetary tightening by the
    BOJ could bring pain to risky assets, including cryptocurrencies. The liquidity
    created from cheap Japanese yen through carry trades has been known to feed into
    risky assets.

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