BOJ October meeting minutes: one member urges rate hike without excess caution

The split inside the board is the real signal here: one member pushing against "excess caution" and another framing neutral rates well above 1% suggests the hawkish flank is not marginal, even as others want post-hike monitoring. For crypto and RWA markets, the relevance runs through yen carry and global liquidity — a BOJ seen as quicker to normalize is a tightening impulse that sits outside the usual Fed narrative. Whether that internal pressure translates into actual policy steps, or stays a minority view, is the open question worth tracking into the next meeting.