Bitcoin hit an all-time high of 7.9 million yen on Japanese cryptocurrency trading platform bitFLYER on Monday. By comparison, Bitcoin is priced at $52,000 in U.S. dollars, 32% short of its all-time high of $69,000 set in November 2021.
The spread reflects the pressure on the yen amid continued easing by the Bank of Japan (BOJ) and resurgent inflation, which has kept interest rates at zero despite sharp hikes by the Federal Reserve and other central banks in 2022 and 2023 to curb inflation. , and continue to print large amounts of fiat currency. Japan's core inflation climbed 3.1% in 2023, the largest increase since 1982, while the yen also depreciated 8% in 2023. (CoinDesk)