Interesting takeaway from the latest BOJ commentary—multiple board members are now openly discussing how the weak yen could be driving underlying inflation. Ueda and colleagues seem to be acknowledging what's been pretty obvious to anyone watching FX markets: when your currency tanks, import prices spike. That feeds into broader price pressures across the economy.

What's notable here is the shift in narrative. For months, there's been debate about whether inflation is "transitory" or structural. Now we're seeing officials connect the dots between currency weakness and sustained price growth. The weak yen story isn't just about trade competitiveness anymore—it's becoming part of the inflation explanation.

For crypto observers, this matters. Macro policy shifts ripple through markets. If the BOJ starts treating currency depreciation as a serious inflation vector, that could influence rate expectations and ultimately impact risk appetite for digital assets. Keep an eye on how this evolves in their next policy statement.