Bank of Japan holds short-term rate target at 1.25%

The 8-1 split is the detail worth flagging: a lone dissent signals the hold was not unanimous, which keeps the question of the next policy move alive rather than settled. For yen-sensitive assets, including crypto and tokenized RWA markets that trade against dollar-yen liquidity, the bar for a policy shift has not moved, so the carry backdrop stays intact. Whether that dissent broadens at coming meetings is the open question.