BOJ’s Ueda Says He Wants to Adjust Rates to Neutral Level

Ueda's framing is notable less for the destination than for the caveat: he concedes that the effects of policy adjustment may not show up clearly in financial conditions, which argues for gradualism rather than precision. For crypto and RWA markets, the relevance runs through yen carry and global liquidity, both sensitive to any further normalization. The absence of a timeline or pace keeps the signal directional rather than actionable. Whether the BOJ pairs rhetoric with concrete steps, and how the yen and carry-linked positioning react, is the open question.