Japan should raise rates let the unwind happen and reallocate the funds they use for interventions for a fiscal policy to help the people or business affected by the unwind.
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The market is treating the BOJ hike as insufficient relative to what’s priced into the dollar side.
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Nobody argues the market cap of oil in the ground they value it based on utility, flow, and what the market is willing to pay for access to it. XRP as a commodity used for settlement is the same logic. You don’t value it on revenue like a company. You value it on the liquidity and utility it provides to the network.
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USD/JPY hit 160.40 Sunday night. BOJ March minutes: ‘risk of falling behind the curve.’ Katayama labeled yen moves ‘speculative’ for first time since war began. Oil in yen hit 17,042 — all-time war high. April 28 BOJ meeting: 70% hike probability. The pressure is building
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Oil in yen: 15,435 today. Was 12,000 before the war started Feb 28.
Japan is paying 29% more for every barrel of oil than 3 weeks ago.
BOJ frozen at 0.75%. Yen at 159.25. 160 is 75 pips away.
The carry trade doesn’t unwind on a schedule. It unwinds when the patches stop working.
We’re running out of patches
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While CT debates XRP, the data is quiet and clear:
— Goldman Sachs: $154M in XRP ETFs
— Citadel, Millennium, Jane Street: also holding
— XRPL transactions: 3M/day, tripled in 9 months
— SBI, Santander, PNC: $15B/month settled. Live.
Price: $1.50
The institutions aren’t talking.
They’re buying.
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The BIS — the central bank of central banks — published research showing XRP owners are among the most educated and wealthiest crypto holders.
Not a meme coin. Not a cult.
Infrastructure attracts a different kind of investor.
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Ripple does not propose to replace the current financial infrastructure, but instead intends to become a part of it, much like an app on an iPhone.’
The rails already exist. Ripple is the app running on them.
The pipes are already built $XRP
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