Japan September base money falls 15.2% year on year

Sustained contraction in Japan's monetary base reflects the ongoing unwind of the Bank of Japan's balance sheet, a backdrop that has kept yen funding conditions and JGB yields in focus for global macro traders. For crypto and RWA markets, the relevant channel is liquidity: yen-funded carry positions have been a marginal source of risk capital, so a shrinking base is worth tracking alongside BOJ policy signals. Whether this pace of decline persists, or stabilizes as the BOJ recalibrates, is the open question for cross-asset risk appetite.