BOJ: Rate Hikes Seen Easing Inflation Pressure, Supporting Consumption

The BOJ's framing matters because it positions higher rates as a consumption support rather than a drag, which is a notable rhetorical shift for a central bank long associated with ultra-loose policy. The explicit nod to long- and super-long-term real rates rising suggests the yield curve's far end is where policy transmission is already visible, even with the median real rate still low. For RWA and crypto markets, the signal to watch is the BOJ's stated attention to asset prices, including FX, as a financial-conditions input. Whether that monitoring translates into a policy reaction function is the open question.