Live updates: Yen rally and rising bond yields pressure bitcoin and risk assets
Bitcoin, gold and technology stocks fall as the yen rallies, while oil prices and government bond yields climb globally.
Source: CoinDesk
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DW NOTE
The yen is strengthening because Japan is finally letting rates rise, which makes every other carry trade in the world reprice at once. When traders have to unwind positions funded in yen, they sell what they bought with it — bitcoin, tech stocks, gold. The rallying yen isn't causing risk-off, it's revealing how much of the rally since 2023 was borrowed in Tokyo at zero percent.