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#yenstrengthens #BTCBreaksATH $BTC
Yen Rises on Bessent Rate-Hike Comments, Bitcoin and Dollar Slip
The yen strengthened against the U.S. dollar and bitcoin after U.S. Treasury Secretary Scott Bessent said the Bank of Japan (BOJ) is “behind the curve” on inflation and will likely raise interest rates.
Speaking to Bloomberg TV, Bessent warned Japan must act to bring inflation under control, a stance at odds with BOJ Governor Kazuo Ueda, who has defended gradual tightening as underlying inflation remains below the 2% target despite headline rates above 3%. The BOJ kept its key rate at 0.5% in July and gave no forward guidance.
The Trump administration has pushed for tighter BOJ policy to stem yen weakness and narrow the U.S.–Japan rate gap. A June Treasury report urged the BOJ to focus on growth, inflation, and currency stability as part of trade rebalancing, according to the Financial Times.
Following Bessent’s remarks, BTC/JPY fell 1.7% to ¥17,845,432 on BitFlyer, outpacing Coinbase’s BTC/USD drop to $121,650. USD/JPY slid for a third session to a three-week low of 146.21, TradingView data showed.
The yen’s rally typically sparks risk-off fears via unwinding of carry trades, but Marc Chandler, chief market strategist at Bannockburn Global Forex, noted the currency is less attractive for funding now. “The Swiss policy rate is at zero, and JPY volatility is higher,” he told CoinDesk.
#Write2Earn
Yen Rises on Bessent Rate-Hike Comments, Bitcoin and Dollar Slip
The yen strengthened against the U.S. dollar and bitcoin after U.S. Treasury Secretary Scott Bessent said the Bank of Japan (BOJ) is “behind the curve” on inflation and will likely raise interest rates.
Speaking to Bloomberg TV, Bessent warned Japan must act to bring inflation under control, a stance at odds with BOJ Governor Kazuo Ueda, who has defended gradual tightening as underlying inflation remains below the 2% target despite headline rates above 3%. The BOJ kept its key rate at 0.5% in July and gave no forward guidance.
The Trump administration has pushed for tighter BOJ policy to stem yen weakness and narrow the U.S.–Japan rate gap. A June Treasury report urged the BOJ to focus on growth, inflation, and currency stability as part of trade rebalancing, according to the Financial Times.
Following Bessent’s remarks, BTC/JPY fell 1.7% to ¥17,845,432 on BitFlyer, outpacing Coinbase’s BTC/USD drop to $121,650. USD/JPY slid for a third session to a three-week low of 146.21, TradingView data showed.
The yen’s rally typically sparks risk-off fears via unwinding of carry trades, but Marc Chandler, chief market strategist at Bannockburn Global Forex, noted the currency is less attractive for funding now. “The Swiss policy rate is at zero, and JPY volatility is higher,” he told CoinDesk.
#Write2Earn
Arthur Hayes è un imprenditore americano, co-fondatore ed ex CEO dell'exchange di criptovalute BitMEX, ha messo in guardia sul riavvolgimento del carry trade mentre lo Yen si rafforza contro l'USDT, che ha causato un'enorme svendita e un crollo del mercato ad agosto.
#btc #carrytradeunwind #yenstrengthens 1948485367#goingdown9612010736#marketcrash#marketcorrection #btccorrection
#btc #carrytradeunwind #yenstrengthens 1948485367#goingdown9612010736#marketcrash#marketcorrection #btccorrection
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