The Bank of Japan unexpectedly raised interest rates by 15 basis points, which means that the exchange rate difference between the US dollar and the Japanese yen will be close. So for the big fund companies that have been using the arbitrage strategy of borrowing Japanese yen to buy US dollar assets, now with Japan's interest rate hike, the depreciation of the Japanese yen will stop, which is likely to lead to a stronger Japanese yen. If the US is going to cut interest rates after the interest rate hike, the interest rate spread will be smoothed out, and then these arbitrage funds will have to sell US dollar assets to close their positions in Japanese yen assets. So in the short term, it is bad news for the market. And it directly hits liquidity. Even if the Federal Reserve says that it will cut interest rates in September, this will only accelerate the arbitrage fund companies to accelerate the sale of US dollar assets to redeem Japanese yen assets. Otherwise, once the interest rate spread is smoothed out, there may even be a big loss. #美国政府转移BTC #超级央行周 #比特币大会 #美联储何时降息？ #美国以太坊现货ETF开始交易