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#GlobalRatesStayHigh The rate-cut story is getting harder to tell 👀 BOJ just hiked to 1.25%, while 3 BOE members wanted an immediate hike. Yet the yen still weakened past 157 as Japan's move was largely priced in. What caught my attention is the cross-market risk. More BOJ tightening could make yen-funded carry trades less attractive just as global borrowing costs stay high. That combination could pressure long bonds, expensive stocks and BTC at the same time.