**News Flash: BOJ Holds Off on Further Rate Hikes Amid Market Turmoil**

The Bank of Japan (BOJ) will not raise its benchmark interest rate again this year, following the economic upheaval caused by its recent unexpected hike, according to former BOJ board member Makoto Sakurai. The sudden increase to 0.25% in early August led to a sharp sell-off in both equities and crypto markets.

Key Points:

- The Yen surged in value, disrupting the Yen Carry Trade and making yen-denominated loans more expensive.

- The crypto market cap plummeted by over $500 billion between August 2 and August 5.

- BOJ Deputy Governor Shinichi Uchida confirmed no further rate hikes during financial instability.

- Japan's opposition party has criticized the BOJ's decision, prompting a parliamentary committee to question top officials.

Stay tuned for more updates on this developing story.