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Bitcoin rises in USD terms but lags in yen as yen strengthens
CoinDesk reports the yen jumped to 161.55 per USD from 162.42 earlier, leaving BTC/JPY up 0.68% versus Nasdaq BTC/USD up 1.15% during the move.
Bitcoin and other major cryptocurrencies are gaining globally, but they have underperformed in yen terms as Japan’s yen strengthens amid intervention fears, according to CoinDesk. The story describes a split where USD-denominated trading looks stronger than JPY-denominated moves.
The yen rose to 161.55 per USD from 162.42 earlier today, and that change translated into weaker performance for crypto pairs quoted in yen. CoinDesk notes BTC/JPY on Tokyo-based BitFlyer is up 0.68% compared with a 1.15% gain in the U.S.-based Nasdaq BTC/USD pair, with a similar pattern cited for XRP/JPY, SOL/JPY, and ETH/JPY.
CoinDesk links the yen move to renewed speculation about possible Bank of Japan action after the yen fell to a 40-year low earlier this week. It also says Japan’s producer price index for June came in at 7.1%, the fastest annual increase since March 2023, which strengthened expectations for further BOJ rate hikes.
The outlet also points to broader factors shaping currency and market expectations, including reports that Japan’s government is urging GPIF, with about ¥277 trillion in assets, to shift more holdings into domestic markets. CoinDesk adds that the yen and bitcoin have shown an unusually strong positive correlation, often moving in step.
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