Yen Climbs as Bitcoin Hits Record High, Nikkei Retreats Amid Global Market Jitters
TOKYO – Asian markets were mixed on Thursday, with Japan’s Nikkei index falling 1.45 percent as the yen strengthened and bitcoin surged to a new peak. The cryptocurrency briefly topped $124,500 in early Asian trading before easing, fueled by favorable US legislation and rising US equities. “The crypto market is enjoying a period of highly favorable fundamentals,” said Samer Hasn, senior market analyst at XS.com.
The Nikkei’s drop followed two consecutive record closes earlier in the week, driven by hopes of a US interest rate cut after softer inflation data. Hong Kong and Taipei also slipped, while Seoul managed a slight gain. Despite inflation remaining above its target, the Bank of Japan has refrained from raising borrowing costs, viewing current price pressures as temporary rather than demand-driven. However, US Treasury Secretary Scott Bessent has urged the BoJ governor to hike rates, saying Japan is “behind the curve.”
Global attention is also turning to Friday’s planned talks in Alaska between US President Donald Trump and Russian President Vladimir Putin, aimed at ending the war in Ukraine that has dragged on for over three years. European markets opened higher, with London, Frankfurt, and Paris all gaining in early trade.
