BOJ Said to Keep Rapid Rate-Hike Path, December in Focus

The significance lies less in the direction of BOJ policy than in the pace: framing the hiking cycle as "rapid" and rates as still far from neutral implies tolerance for moving faster than a gradualist path would suggest. That matters most for yen-sensitive carry trades and for crypto and other risk assets that have leaned on cheap yen liquidity, since a faster normalization narrows the funding advantage those positions depend on. December is the near-term test — whether the BOJ actually delivers then, or uses the meeting to prepare expectations for later, is the open question worth watching.