While the Fed's tightening cycle seems to be in its final stages, the Bank of Japan is yet to move the needle on rates.
Move over the U.S. Federal Reserve , as the Bank of Japan is now likely to cause major shifts in global market flows. That's the message from Griffin Ardern, volatility trader from crypto asset management firm Blofin.
"I think the BOJ will be the most significant uncertainty factor in the future. Whether it is the Fed or the ECB, their policy paths have been clear, but the BOJ is not, which means that the BOJ is likely to 'surprise' us beyond expectations," Ardnern told CoinDesk. Since 2016, the BOJ has guided short-term interest rates at minus 0.1% and the 10-year government bond yield at around 0%, known as yield curve control . It has also set an allowance band of 0.5% above and below the 10-year yield target. In July, the bank said it will allow the yield to move above the cap as long as it stays below 1.0%.trillions of dollars in global liquidity.
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