Yen Rises Against Bitcoin, Dollar as Scott Bessent Predicts Bank of Japan Rate Hike
Main Idea
The yen strengthened against the dollar and bitcoin after U.S. Treasury Secretary Scott Bessent called for higher interest rates in Japan, contrasting with the Bank of Japan's current stance.
Key Points
1. The yen (JPY) rose against the dollar (USD) and bitcoin following Scott Bessent's comments advocating for higher rates in Japan.
2. Bessent's view contrasts with BOJ Governor Kazuo Ueda, who has maintained a low benchmark interest rate despite inflation exceeding the bank's 2% target.
3. The BTC/JPY pair fell 1.7% to 17,845,432 yen, while the USD/JPY pair dropped to a three-week low of 146.21.
4. Marc Chandler noted that the yen may no longer be the most attractive funding currency due to higher volatility and Switzerland's zero policy rate.
5. The article also mentions unrelated cryptocurrency market updates, such as Bitcoin's realized price surpassing the 200-week moving average.
Description
The yen (JPY) strengthened against the dollar (USD) and bitcoin (BTC) after U.S. Treasury Secretary Scott Bessent said the Bank of Japan is behind the curve on inflation and will probably have to raise interest rates. “The Japanese have an inflation problem ... They’re behind the curve, so they are going to be hiking, and they need to get their inflation problem under control,” Bessent said during an interview with Bloomberg TV. Bessent's take contrasts with that of BOJ Governor Kazuo Ueda, who ...
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