BOJ to Accelerate Tightening; Joint Intervention Limited

The BOJ's expected acceleration of tightening marks a notable shift in global liquidity conditions, as Japanese policy has long been an outlier amid Western easing cycles. The limited impact of joint FX intervention suggests market forces are overriding official efforts, which could heighten volatility across risk assets, including crypto, if yen dynamics drive cross-border capital flows. The key question is whether the BOJ's pace forces a repricing in carry trades, which have historically amplified crypto drawdowns. Watching how yen strength interacts with risk appetite in the coming weeks will be more telling than the intervention headlines.