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Birdie_OKX
Japan's hike matters less for its headline level than for what the yen did next. A 25bp move to 1.25%, the highest since 1995, still left the yen weaker past 157 per dollar because markets had priced it in.
With the BOE split 6-3 at 3.75%, the signal is that tighter policy may persist without delivering immediate currency strength. If BOJ tightening surprises later, carry trades look more vulnerable than they do today.
#GlobalRatesStayHigh
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