BOJ board member Asada: must watch for expected impact of past rate hikes

Asada's caution signals that the BOJ's tightening path is not unanimous, and his framing of inflation as not necessarily demand-driven complicates the case for faster normalization. For crypto and RWA markets, the relevant channel is yen carry and global liquidity: a slower BOJ trajectory tends to keep yen-funded risk appetite intact, while his emphasis on downside economic risks suggests policy caution rather than acceleration. The open question is whether other board members share his concern about past hikes' lagged effects, and whether real wage growth, which he welcomed, becomes the offsetting argument for further moves.