Hi HODLers, Hiveans and Lions,
Today, the Japanese yen fell Friday to its weakest level against the U.S. dollar since 1990.
weakest level against the U.S. dollar since 1990 after the Bank of Japan (BOJ) held interest rates at near zero and didn't indicate much concern over the weakening currency.
Meanwhile in the US, inflation remains sticky and the economy is doing very well which make investors believe that there might not even be rate cuts int he future.
It is important because as crypto assets are labeled in USD, if USD is getting stronger, it means that crypto assets would have a harder time to reach higher levels in USD terms.
As we saw previously, $BTC had done record highs in $EUR, $JPY and other currencies way before it finally did in $USD.
A possible intervention would mean the BOJ selling U.S. dollar assets (U.S. Treasuries) to buy yen, and a weaker greenback could in theory help crypto prices, she added.
Another option would be if US policymakers decide to increase public spending and/or cut interest rates. Unfortunately, for Japan and other countries, they have no say in these options.
