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<h2 id="quick-take">Quick Take</h2>
As Bitcoin records a year-to-date high of <a href="https://cryptoslate.com/insights/huge-one-day-candle-sees-bitcoin-pass-key-glassnode-indicator-teasing-potential-outsized-gains/" rel="noopener noreferrer nofollow">$35,000</a>, turmoil stirs in traditional currencies.
The Japanese Yen has breached the 150 threshold, a level identified by some as critical for the Bank of Japan (BOJ) to shore up the Yen.
Paradoxically, repeated attempts to stabilize the<a href="https://cryptoslate.com/insights/as-yen-weakens-and-interest-peaks-bank-of-japan-balances-on-a-policy-precipice/" rel="noopener noreferrer nofollow"> Yen</a> could have further implications, forcing the BOJ into a precarious position of selling U.S. bonds.
This action could inadvertently surge U.S. yields, already at a 5% high for the U.S. 10-year bonds.
<figure id="attachment_368291" aria-describedby="caption-attachment-368291" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-368291 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/BOJ-1.png" alt="Currencies, Yen, GBP,EUR, BTC: (Source: Trading View)" width="1329" height="893" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/BOJ-1.png 1329w, https://cryptoslate.com/wp-content/uploads/2023/10/BOJ-1-300x202.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/BOJ-1-1024x688.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/BOJ-1-768x516.png 768w" sizes="(max-width: 1329px) 100vw, 1329px">
 <figcaption id="caption-attachment-368291" class="wp-caption-text">
 Currencies, Yen, GBP, EUR, BTC: (Source: Trading View)
 </figcaption>
</figure>
With the BOJ’s interest rate decision looming at the end of October, the world is watching. The rate, standing at -0.1% since 2016, could have profound implications for the <a href="https://cryptoslate.com/market-reports/link-between-treasuries-dollar-yen-carry-trade-and-bitcoin/" rel="noopener noreferrer nofollow">Yen Carry Trade</a> if increased.
<figure id="attachment_368289" aria-describedby="caption-attachment-368289" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-368289 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/BOJ.png" alt="Japan Interest Rate: (Source: Trading Economics)" width="896" height="604" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/BOJ.png 896w, https://cryptoslate.com/wp-content/uploads/2023/10/BOJ-300x202.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/BOJ-768x518.png 768w" sizes="(max-width: 896px) 100vw, 896px">
 <figcaption id="caption-attachment-368289" class="wp-caption-text">
 Japan Interest Rate: (Source: Trading Economics)
 </figcaption>
</figure>
In the meantime, the GBP has hit a low of 1.20 against the dollar, surrendering all gains from this year, and the Euro is wrestling with a 1.05 rate against the dollar. As the market braces for the Euro’s interest rate decision expected later today, a pause could thrust the currency to parity against the dollar.
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/rising-bitcoin-and-unstable-yen-means-boj-faces-stiff-decisions/">Rising Bitcoin and unstable Yen means BOJ faces stiff decisions</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Rising Bitcoin and unstable Yen means BOJ faces stiff decisions

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