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Bitcoin price soars in Japan, breaking a historic record! The BTC/Yen pair reached an all-time high of 7.9 million yen on the Tokyo-based cryptocurrency exchange bitFLYER.
BTC/Yen Pair Reaches ATH and Breaks New Record
Bitcoin, rose to a new record high of 7.9 million yen on the Tokyo-based cryptocurrency exchange bitFLYER. The BTC/Yen pair reached a record high. It is important to note that Bitcoin is still 32% below its all-time high of $69,000 reached in November 2021. However, this increase in the Japanese currency, the Yen, is due to the depreciation of the Japanese yen in recent months.
This significant price differential highlights the relative weakness of the Japanese yen, a trend attributed to the Bank of Japan’s persistent liquidity easing measures and resurgent inflationary pressures. While other central banks, such as the US Federal Reserve, tightened monetary policy in 2022 and 2023 in response to rising inflation, the Bank of Japan maintained its zero interest rate policy and continued aggressive money printing.
As a result, in 2023, Japan experienced the highest increase in core inflation excluding volatile food and energy prices since 1982, at 3.1%.Such inflationary pressures reduce the purchasing power of fiat currencies, driving investors to alternative assets perceived as stores of value, such as Bitcoin and gold.
Despite the yen falling another 6.4% against the dollar this year alone, Bitcoin is still trading at a premium to the yen. This scenario could continue unless the Bank of Japan accelerates its exit from ultra-easy monetary policies, possibly making Bitcoin more attractive relative to other assets.
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