Bitcoin Press a record high against Japanese Yen (JPY) on Monday, leaving Bitcoin-dollar pair as newly elected Prime Minister of Japan Takaichi Sanae Voiced support For a return to the approach of pro-stimulus “abenomics”
Abenomics is an economic approach introduced by former prime minister Shinzo Abe in late 2012 and early 2013 to survive the country’s economy by ending decades of stagnation led. It is involved in the use of three arrows: aggressive finances in emergence, high public expenditure and cheap borrowing and structural reforms to boost potential investment and growth.
Speaking at a press conference on Saturday, Sanae made it clear that the government would lead to financial and financial policy settings, noting the growing dominance of the fiscal worldwide aimed at prioritizing demand reflection.
He said the government and the Central Bank should work closely to achieve “demanding inflation supported by increasing wages and corporate income.”
The PM added that the Japanese economy is in a “tightness,” and should maintain financial conditions.
His comments have led to hopes for fiscal emergency, supported by low interest rates. According to Reuters, the possibility of BOJ increase rates this month has dropped dramatically, and the bank is likely to be careful.
The timing cannot be more opportunity for bitcoin bulls and gold investors. As the entrepreneurs’ pricing in the coming months continue, the prospect of the late afternoon’s change is likely to strengthen demand for cryptocurrencies and precious metals.
Bitcoin hits high record, yen slide
The Bitcoin-Yen (BTC/JPY) pair listed in Bitflyer reached a JPY 18,640,000 record, expanding a five-day winning streak, according to Data Source TradingView. Meanwhile.
Sanae’s comments brought Japanese equities, with the Nikkei Index leading 48,000 points at the first time. Yen has slipped to a low 150.35 per US dollar, its weakest since August 1st.
Entrepreneurs have kept a yen rally driven by the potential increase in Japan’s bank rate for at least the last two years. However, some observers argue that Japanese yen is no longer the main safe haven money once and have Most of those given by The Swiss Franc.
