Bitcoin denominated in yen has hit an all-time high

Data shows that Bitcoin hit a new historical high of 7.9 million yen on the Japanese cryptocurrency trading platform bitFLYER on Monday this week. In comparison, the Bitcoin price in US dollars is $52,000, which is 32% lower than the historical high of $69,000 in November 2021. This price difference reflects the pressure on the yen under the continued loose policy of the Bank of Japan (BOJ) and inflation recovery, despite the significant interest rate hikes by the Federal Reserve and other central banks in 2022 and 2023 to curb inflation. The Bank of Japan will maintain zero interest rates and continue to print a large amount of currency. Japan's core inflation rose 3.1% in 2023, the largest increase since 1982, and the yen depreciated by 8% in 2023.