"Japan's Shift to Zero Interest Rates Sends Bitcoin Tumbling and Yen Dropping"

The Bank of Japan ended an eight-year negative interest rate policy by raising its benchmark interest rates above zero, causing Bitcoin to slide to under $63,000. The move could breed volatility and discourage the yen carry trades that feed into risk assets, as the central bank shifts to a more data-dependent approach. The rate hike failed to boost the Japanese yen, and further monetary tightening could bring pain to risk assets, including cryptocurrencies, as Japanese investors have been significant exporters of capital and the yen carry trade has been known to feed into risk assets.