Bitcoin traded near $63,900 on Friday and was little changed after the Bank of Japan kept its benchmark interest rate at 1%. Markets took Governor Kazuo Ueda’s hawkish tone in stride, with the yen giving back its move during his press conference and USD/JPY returning to where it began. Traders had already priced in a high probability of an October rate hike, limiting the market impact of his remarks. Ueda said inflation should move above 2% later in the current fiscal year and cited AI demand and yen weakness as factors pushing prices higher. Those same themes have been central to crypto trading this month, with a softer yen supporting the carry trade that channels capital into risk assets, while the AI investment cycle has remained one of the macro trades bitcoin has tracked closely. Elsewhere, the broader crypto market was calm. Ether held near $1,885, while BNB was the standout among major tokens, rising 3.5% on the day and 4.4% over the week to around $591, according to CoinDesk data.
Bitcoin traded near $63,900 on Friday and was roughly flat after the Bank of Japan kept its benchmark rate at 1%. According to CoinDesk, Governor Kazuo Ueda tried to strike a hawkish tone, but markets reacted mildly.
Yen Gives Back Its Move During Ueda Press Conference
The yen surrendered its move during Ueda’s press conference, and the dollar-yen pair returned to where it started. Traders had already priced in a high chance of an October rate increase, which helped explain the limited follow-through in currency markets.
Ueda said inflation should rise above 2% later in this fiscal year. He also pointed to AI demand and the weak yen as forces pushing prices higher. CoinDesk said those same two themes have shaped crypto’s macro backdrop throughout the month.
Weak Yen and AI Demand Stay in Focus
A softer yen has supported the carry trade that sends money into risk assets, while the AI capital cycle has been one of the trades bitcoin has tracked closely, CoinDesk said.
The broader crypto market was quiet. Ether held near $1,885 with little movement on the session.
BNB Leads Major Tokens Higher
Among large-cap tokens, BNB remained the standout. CoinDesk data showed BNB up 3.5% on the day and 4.4% on the week at around $591.
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