The Bank of Japan raised its uncollateralized overnight call rate by 25 basis points to about 1.25%, the highest level since 1995, after a three-month interval between increases. Governor Kazuo Ueda reaffirmed plans for further hikes, while signaling that abrupt tightening could increase market volatility and leaving open the possibility of a 50-basis-point increase. The yen nevertheless weakened to the 157-per-dollar range, suggesting foreign-exchange markets did not view the decision as sufficiently hawkish. The move also marked the first month in which Japan, the U.S. Federal Reserve and the European Central Bank all raised rates. Separately, the U.S. Securities and Exchange Commission granted a five-year exemption for qualifying tokenized-stock venues, allowing listed shares to be represented and traded as blockchain tokens with fractional and round-the-clock trading. The U.S. Commodity Futures Trading Commission also exempted crypto wallet operators from registration requirements. Korean retail investors meanwhile shifted leveraged buying from domestic semiconductor products toward two- and three-times Nasdaq 100 products, while large-cap stocks traded below most brokerages' lowest target prices.