Bitcoin Hits Record High as Yen Strengthens on US Rate Comments
Bitcoin briefly surged past $124,500 during Asian trading, setting a new high before pulling back, as the yen climbed to its strongest level since late July. The move followed comments from US treasury secretary Scott Bessent, who said he told the Bank of Japan it was “behind the curve” on inflation, fuelling expectations of a Japanese rate hike.
The BoJ, which began tightening policy in 2024 after years of negative rates, saw its remarks push the yen sharply higher. Tokyo’s Nikkei 225 fell 1.4% to 42,657.94 as investors locked in recent record gains.
On Wall Street, the Dow Jones Industrial Average gained 1% to 44,922.27, the S&P 500 rose 0.3% to 6,466.58, and the Nasdaq added 0.1% to 21,713.14. US 10-year Treasury yields slipped to 4.245% from 4.290%.
Bitcoin’s rally has been fuelled by US regulatory changes under President Donald Trump, a strong advocate for the crypto sector.
