I just finished listening to the latest policy briefing from the Bank of Japan. Here's a summary of the governor's main points:

1. Don't interpret this rate hike as a comprehensive tightening—it's more like a gentle rise from "extreme easing," with a very moderate pace.

The Bank of Japan has no intention of launching an aggressive rate hike cycle. The governor repeatedly emphasized that this is just a small step toward normalcy and should not be seen as a declaration of war.

2. What's next? It all depends on the data—there's no fixed routine.

Unlike the Federal Reserve's methodical approach, the BOJ makes real-time judgments based on inflation, wage growth, and employment data, adjusting flexibly. Plans are fixed, but markets are dynamic.

3. The core issue is whether a "wage→inflation→consumption" virtuous cycle can be established.

Short-term price fluctuations are not the focus; what's crucial is whether companies are willing to continue raising wages and whether inflation can be stabilized within the target range. If wages stagnate, the central bank will have to step on the brakes and stop tightening.

4. Highly sensitive to market volatility, aiming to avoid disrupting financial order due to rate hikes.

Monitoring includes Japanese government bond yields, exchange rate fluctuations, and overall market sentiment. The BOJ's stance is cautious; they don't want rate hikes to become the last straw that breaks the camel's back.

Overall, this rate hike seems more like a signal rather than a true policy shift. Assets like $BTC and #大户持仓动态 are still in a macro environment that remains relatively friendly, and Japan is unlikely to pursue aggressive liquidity tightening.