The biggest black swan in September: the yen has raised interest rates again and continuously!

Haruhiko Kuroda, former governor of the Bank of Japan, said that the Bank of Japan has a lot of room to increase borrowing costs in the process of policy normalization!

The reasons for the yen rate hike crypto crash are summarized as follows:

1. Failure of arbitrage transactions: The long-term low interest rate of the yen attracts investors to borrow yen to invest in high-yield assets to earn interest rate spreads. Once the yen raises interest rates, the arbitrage cost rises, the interest rate spread narrows or even disappears, forcing investors to close their positions to repay yen debts, leading to a global sell-off of risky assets.

2. Exchange rate fluctuations: The yen rate hike enhances the attractiveness of the yen and drives the yen to appreciate. This not only weakens Japan's export competitiveness, but also triggers global economic and trade concerns, affects market sentiment and capital flows, and further puts pressure on global asset prices.

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