The Bank of Japan raised its benchmark rate to 1%, a 31-year high, as the yen weakens to 160 per dollar. Japan also approved its first yen stablecoin, JPYC.

The Bank of Japan is set to raise rates to 1%, the highest since 1995, with yen carry trade unwinds posing risks for Bitcoin and crypto markets.

This is the BOJ's first hike since December, when it raised rates to its current level of 0.75%, also its highest level in over 30 years.