Bitcoin’s quiet split: Strong in USD, lagging in JPY as Yen rises on intervention fears
A sharp rise in the yen has left bitcoin and other major cryptocurrencies underperforming in yen terms compared with their dollar-based trading pairs.
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Summary
- A sharp rise in the yen has left bitcoin and other major cryptocurrencies underperforming in yen terms compared with their dollar-based trading pairs.
- Stronger wholesale inflation and expectations of faster Bank of Japan rate hikes have fueled speculation about renewed intervention to support the yen.
- Japan’s government is urging the giant GPIF pension fund to shift more of its roughly ¥277 trillion in assets into domestic markets, a move that could ripple through global stocks, bonds and currencies.
