In brief
- The Bank of Japan raised its benchmark rate to around 1%, its highest in over three decades.
- Bitcoin and the broader crypto market held steady, even as traders appeared to have braced for a selloff.
- A U.S.-Iran ceasefire had rallied crypto days earlier, softening the hike’s blow.
Crypto markets held steady on Tuesday even as Japan lifted interest rates to a three-decade high amid rising domestic inflation.
The Bank of Japan’s policy board raised its benchmark interest rate to around 1% in a 7-1 vote, with the new guideline effective June 17. Policymakers flagged a risk of inflation rising above a 2% target as higher oil prices feed through to consumer goods, with further hikes expected.
A relief rally lifted crypto markets…
