BOJ’s Ueda Says Unconventional Policy Has Some Positive Effects

Ueda's explicit acknowledgment that unconventional tools could return is a reminder that Japan's policy normalization is conditional, not linear. For crypto and RWA markets, the relevant channel is yen liquidity and risk appetite: a BOJ that keeps a crisis option open may limit the yen's upside and sustain carry-driven flows. The open question is whether this is a generic central-banking caveat or a signal that the BOJ's exit path is more fragile than assumed.