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BOJ hikes to 31-year high, yet yen falls? For futures traders: the storm trigger isn't the hike itself — it's whether the yen keeps strengthening. For BTC: direct impact limited, BTC/JPY still up. But the biggest risk is leverage from "borrowing cheap yen to buy risk assets." If the yen keeps rising and Japan's long-end yields accelerate, a deleveraging selloff could trigger. BOJ hikes often coincide with BTC pullbacks, but usually alongside other macro events.