#数字资产市场动态 The Bank of Japan is cornered—the depreciation of the yen has become a fait accompli, and policy adjustments are imminent.

According to market analysts, once the yen falls below the 160 level, the Bank of Japan is highly likely to initiate a "three consecutive hikes" plan. This is not a proactive move by the central bank but a forced response after being thoroughly angered by the yen's downward trend.

**What will happen to the exchange rate?**

Rapid rate hikes can directly narrow the interest rate differential between Japan and the US, which is the most direct way to attract capital back. When arbitrage traders realize that yen asset yields are rising, a large-scale capital inflow will follow. The yen may see a rebound window—this time, it might really happen.

**Impact on Japanese companies**

It seems to be a positive signal for the yen, but it could be a trouble for the Nikkei 225 index. Export companies' overseas profits will shrink after the yen appreciates, directly eating into their profit statements. More painfully, the decades-long ultra-low interest rate environment is about to be broken—costs of corporate financing will rise, the real estate market will need to be re-priced, and bank stock portfolios will also need adjustment.

**Global capital markets will change**

Japan is the world's largest creditor country. Once interest rates rise, a large amount of yen funds may withdraw from overseas markets and flow back. This will impact capital supply in emerging markets, and the exchange rate landscape of other major currencies will also need to be reshuffled.

**The core logic is simple**

The central bank is not saying "we will definitely raise interest rates three times," but rather "if the yen depreciates to this dangerous level, our response will far exceed your current expectations." This is a policy trigger; once conditions are met, it will be activated.