The Bank of Japan has started to take action again. Governor Ueda Kazuo recently hinted that the rate hike cycle is not over yet, with interest rates reaching a 30-year high. In the context of global central banks generally cutting rates, this stance appears somewhat unconventional.

Why is the Bank of Japan so persistent? Ultimately, inflationary pressures are still present. If economic data continues to meet expectations, further rate hikes are a certainty. This time, the central bank's internal attitude is very unified, with no dissenting voices. However, they also sent a friendly signal — even after raising rates, the market environment remains accommodative, which is reassuring for investors.

What does this mean for the crypto market?

First, the global liquidity landscape is being reshaped. Japan has ended decades of ultra-low interest rate policies. This indicates that the trend of tightening global funds has deepened further.

Second, the yen's movement has become more nuanced. Conventional logic suggests that rate hikes support yen appreciation. But the problem is, the Federal Reserve is cutting rates in the opposite direction. The widening interest rate differential could lead to increased exchange rate volatility. Those betting on "carry trades" will need to recalculate.

Third, central bank policies are becoming increasingly divergent. The US, Japan, and Europe are charting their own courses, and the simple logic of "printing money to push up asset prices" is being challenged. Volatility and uncertainty may be becoming the new normal.

So, don't worry about whether this is a bull market or not. The key is whether your strategy can keep up with the changing market rhythm. The Bank of Japan has already made its move. What about your position allocation?