The Japanese rate hike did not strengthen the yen; instead, the USD/JPY exchange rate quickly broke through 157, reaching a one-month high. The core reason is Ueda Kazuo's statement, but in fact, Ueda did not provide clear guidance on the timing of the next rate hike or the terminal rate. Although he emphasized that "real interest rates remain significantly negative and the financial environment remains accommodative," the lack of clarity leads the market to believe that the pace will be very gradual and incremental. #加密市场观察