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Bitcoin, described as digital gold, rose to a new record level with 7.9 million yen on Tokyo-based cryptocurrency exchange bitFLYER.
<h2 id="bitcoin-yen-pair-reached-record-level">Bitcoin-Yen Pair Reached Record Level</h2>
Bitcoin is still 32% below its all-time high of $69,000 reached in November 2021. On the other hand, this increase in Yen basis is due to the depreciation of the Japanese currency in recent months.
The significant price gap underscores the relative weakness of the Japanese yen, a trend attributed to the Bank of Japan's (BOJ) persistent liquidity expansion measures and resurgent inflationary pressures.
While central banks such as the US Federal Reserve tightened monetary policy in response to rising inflation in 2022 and 2023, the BOJ maintained its zero interest policy and continued its aggressive money printing initiatives.
As a result, Japan witnessed the highest increase in core inflation since 1982 at 3.1% in 2023, excluding volatile food and energy prices.
Related News: <a href="https://en.bitcoinsistemi.com/this-stablecoin-which-replaced-busd-on-the-binance-exchange-reached-a-record-level-in-trading-volume/" target="_blank" rel="noopener noreferrer nofollow">This Stablecoin, which replaced BUSD on the Binance Exchange, Reached a Record Level in Trading Volume!</a>
Such inflationary pressures erode the purchasing power of fiat currencies, prompting investors to seek refuge in alternative assets perceived as stores of value, such as Bitcoin and gold.
Bitcoin continues to trade at a premium against the yen, with the yen falling another 6.4% against the dollar this year alone.
This scenario could continue unless the Bank of Japan accelerates its planned exit from ultra-easy monetary policies, potentially making new assets more attractive than other assets.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/bitcoin-price-broke-a-record-in-japan-btc-yen-parity-reached-its-all-time-high/" rel="noopener noreferrer nofollow">Bitcoin Price Broke a Record in Japan! BTC/Yen Parity Reached Its All-Time High!</a>

Bitcoin Price Broke a Record in Japan! BTC/Yen Parity Reached Its All-Time High!

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