- Bank of Japan announced to keep its interest rate steady at 0.5% today.
- The US Federal Reserve is about to announce its decision on interest rates later today.
Bank of Japan made headlines today with its decision to keep interest rates steady at 0.5%. Meanwhile, the crypto industry is eagerly awaiting today’s FOMC meeting on US interest rate decisions. Bitcoin price reacted little to the BOJ news, trading at $83,900 with a price rise of 0.38% today.
The Japan Governor Kazuo Ueda warned of global uncertainty caused by Donald Trump’s tariffs. Furthermore, policymakers of Japan are taking time to gauge how US tariffs would affect Japan’s export-driven economy. In the words of Ueda,
“Japan’s wage and price conditions are on track, possibly stronger than expected. However, the uncertain US and global outlook makes it difficult to assess the potential impact on Japan’s economy. As such, we would like to look at upcoming data in early April to reconsider our forecasts.”
The Bank of Japan interest rate decisions have influenced the Bitcoin market several times before. Rising yields and higher interest rates would make investments flock to traditional assets while stable or weaker yen increases investments in Bitcoin. However, the Bitcoin price seems to have little to no impact on today’s BOJ interest rate decision.
What to Expect From the US FOMC Meeting Today?
The two-day FOMC meeting started yesterday, March 18, and will continue today. One of the most-awaited announcements of the interest rate decision comes out later today. However, mainstream media forecasts that FOMC will also keep the interest rates steady in the 4.25%-4.50% range.
Trump’s tariff policies and macroeconomic uncertainities have been impacting the cyrpto market for the past few weeks. Bitcoin dropped to the $80K price range and hasn’t got back up yet. Nonetheless, the Bank of Japan keeping its interest rates steady is a good news for the industry for now.
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