Live updates: Bitcoin steady as Japan holds rates at 1%, keeping the yen carry trade alive
liveUpdated 2 hours ago
The Bank of Japan left its benchmark at 1% and Governor Ueda’s hawkish signals landed softly, since markets had already priced an October hike. Bitcoin held near $64,000.
By Shaurya Malwa and Omkar Godbole
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The Fed continues to reiterate its commitment to bringing inflation down to its 2% goal at every meeting, but progress remains elusive.
Data released Thursday showed that the Fed’s preferred inflation metric, the core PCE, rose 3.3% year-on-year in June. While that figure marks a slight decline from May’s 3.4%, it’s still well above the 2% goal.
This long stretch of above-target inflation explains why bond yields remain elevated, weakening the bullish case for risk assets, including cryptocurrencies.
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Bitcoin traded near $63,900 on Friday, roughly flat, as the Bank of Japan left its benchmark rate at 1% and Governor Kazuo Ueda’s attempt to sound hawkish landed softly with markets.
The yen gave back its move during his press conference, and the dollar-yen pair returned to where it started, since traders had already priced a high chance of an October hike.
Ueda said inflation should rise above 2% later this fiscal year and pointed to AI demand and the weak yen as forces pushing prices higher, the same two threads that have shaped crypto’s macro backdrop all month.
A soft yen has fed the carry trade that sends money into risk assets, and the AI capital cycle is the trade bitcoin has tracked closely.
The broader market was quiet. Ether held near $1,885, while BNB extended its run as the standout large token, up 3.5% on the day and 4.4% on the week to around $591, per CoinDesk data.
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Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.