Bitcoin Surges Against Yen as Japan’s New PM Sanae Signals Return to Abenomics
Bitcoin (BTC) reached a record high versus the Japanese yen on Monday, surpassing its performance against the dollar, after newly elected Prime Minister Takaichi Sanae indicated plans to revive the pro-stimulus “Abenomics” strategy.
Abenomics, first implemented by former PM Shinzo Abe in 2012–2013, aimed to boost Japan’s economy through aggressive monetary easing, high public spending, and structural reforms designed to increase investment and growth potential.
At a press conference Saturday, Sanae emphasized that the government would play a central role in setting fiscal and monetary policy. She highlighted the need for coordination with the Bank of Japan to achieve “demand-driven inflation supported by rising wages and corporate profits,” while keeping accommodative monetary conditions amid a “tightrope” economy.
Markets reacted quickly: BTC/JPY on BitFlyer reached ¥18,640,000, extending a five-day rally, while BTC/USD hovered around $123,100 on Coinbase. Japanese equities rose, with the Nikkei surpassing 48,000 points, and the yen weakened to 150.35 per USD, its lowest since August 1.
Investors are interpreting Sanae’s comments as supportive of fiscal easing, which, together with global expectations of Fed rate cuts, is likely fueling demand for cryptocurrencies and precious metals as hedges against currency risk.
