Share this article
BOJ's Ueda Says Need to Maintain Accommodative Monetary Environment to Support Economy
The slightly dovish take may assuage concerns about a yen-led risk-off in global markets, including cryptocurrencies.
Jan 31, 2025, 7:47 a.m.
What to know:
- BOJ's Ueda stresses the need to support the economy with an accommodative monetary environment.
- The slightly dovish take may soothe the market's nerves about Yen-led risk-off.
Bank of Japan (BOJ) Governor Kazuo Ueda said Friday the central bank must maintain an accommodative monetary policy to support economic growth and ensure the underlying inflation gradually moves to the 2% target.
Ueda told the Parliament that the recent increase in the consumer price index above the 2% target has been led by cost-push factors such as elevated food and fuel prices that will likely dissipate.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The comments come a week after the bank raised the benchmark borrowing cost to 0.5%, the highest in over 16 years, and could assuage fears of a yen-led risk-off in global markets, including cryptocurrencies, as observed in August.
The governor, however, maintained that rate hikes will continue if the economy evolves as expected. According to ForexLive, traders see the next BOJ rate hike in July.
More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
