Nikkei Jumps 2.5% As BOJ Hints to Pause Rate Hike, Crypto Market Rally Ahead?

In another stimulus to the global equity market, the Bank of Japan’s governor Shinichi Uchida said that the central bank might consider pausing its interest rate hike decision from last week if they see major instability in the markets. The Nikkei 225 Index surged by another 2.5% on Wednesday shooting past 35,000 levels. Besides, the crypto market is also showing strength with the Bitcoin price up by 2% and trading closer to $57,000 as of press time.
Nikkei Surge As BOJ Fuels Optimism
With today’s surge past 35,000, Nikkei has recovered almost all of the losses from the black Monday’s market crash on August 5. As the Bank of Japan announced its 25 bps rate hike last week, the unwinding of Yen carry trades sent shockwaves across the global market bringing the markets on the brink of triggering a US recession.
BOJ governor Shinichi Uchida’s intervention comes at the right time bringing some reassurance to the markets. This flexible approach from the BOJ has helped to curb market

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