Bitcoin
Bitcoin Rebounds Toward $79,000 as Strengthening Yen Weighs on US Dollar
A 2.5% rise in the Japanese yen against the dollar provided short-term support for Bitcoin, though risks surrounding carry trade unwinding persist.
Bitcoin advanced toward $79,000 alongside gains in gold as the Japanese yen appreciated roughly 2.5% across two sessions against the US dollar. The USD/JPY currency pair declined 1.4% to trade near 156.40 on Thursday, following a 0.9% drop the preceding day.
The yen's strength comes amid expectations of monetary policy tightening by the Bank of Japan, with market participants pricing in a potential policy rate hike from 1% to 1.25% on September 18 following remarks from policy board member Hajime Takata. As the yen accounts for 13.6% of the US Dollar Index, its rise pushed the DXY down 0.4% to 99.22, near its 200-day moving average.
While a softer dollar temporarily improves global liquidity conditions for non-yielding assets, sharp upward currency moves introduce risks. Previous episodes, including August 5, 2024, showed that rapid yen appreciation can prompt the liquidation of leveraged carry trades across global asset markets, triggering broader sell-offs across risk assets.
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