Japan’s monetary conundrum — why the yen hit a 40-year low as interest rates hit a 31-year high

The Japanese yen has reached a 40-year low, hitting 162.83 per USD, despite the Bank of Japan implementing rate hikes to combat inflation. This monetary conundrum persists as interest rates reach a 31-year high, yet the currency continues to decline. The situation has drawn criticism for the Bank of Japan, while crypto traders closely monitor the developments. The yen carry trade remains a central issue, impacting both Japan's economy and the broader cryptocurrency market.