Bank of Japan is 'taking lessons' from SBF, argues CryptoHayes.
showed BTC/USD returning to near $17,000 after falling over 3% through the course of Dec. 19.
The largest cryptocurrency benefitted from flash U.S. dollar weakness, this coming on the back of a surprise policy tweak from the Bank of Japan . Long a deflationary environment with ultra-low interest rates, Japan woke up to a sea change on the day as policymakers lifted the cap on bond yields. The yen instantly gained against the dollar, while Japan’s Nikkei plummeted.Japan, seeming to follow the U.S. in attempting to tame inflation, had unleashed a can of worms which would only become apparent later, they said.
“That’s what happens when you artificially surprises the free market,” Arthur Hayes, former CEO of exchange BitMEX,“It blows up in your face. Expect 10yr JGB yields to trade at the 0.50% yield ceiling once USD liquidity falters in 1Q23. Yachtzee.”about central banks’ practice of yield curve control , which at the time he said was irreversible once started.meanwhile focused on BoJ ownership of Japanese bonds, now above 50%.
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