The yen is surging and it’s helping bitcoin, for now
Yen's rise has led to a broad-based USD weakness, driving the Dollar Index lower. BTC and gold are loving it, for now.
Source: CoinDesk
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DW NOTE
The yen has appreciated 3.8% against the dollar since mid-August — hardly a surge, more like a modest reversion after years of intervention-driven weakness. That Bitcoin and gold both rise when the dollar softens is not a profound linkage; it's arithmetic. The real story is what happens when the BOJ's next rate hike collides with ¥1 quadrillion in government debt and a carry trade that never fully unwound.