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Japan's 10-year government bond yield touched 2.945%, its highest level since September 1996, and the yen has given back nearly half of this month's intervention-driven gains to slip back toward 159 per dollar.
Bitcoin ($BTC), trading near $77,355, is up 22% in seven days. The gap between those two trajectories is where the actual story lives. What's changed in Tokyo The yield move has a clear explanation.
Japan's core inflation reached 1.8% in July, up from 1.6% in June. Strip out food and fuel and the figure was 1.9%. Traders read that as clearance for the Bank of Japan to move.
The BOJ meets September 17 and 18, and economists widely expect the policy rate to rise from 1% to 1.25%. Japan's 30-year yield hit 4.115% the same morning the 10-year surpassed 2.95%.
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