日元大幅升值导致比特币和其他主要加密货币以日元计算，与以美元为基础的交易对相比表现不佳。 批发通胀走强以及日本央行加息加快的预期引发了有关新一轮干预措施以支撑日元的猜测。 日本政府正在敦促巨型 GPIF 养老基金将其约 277 万亿日元的资产中的更多资产转移到国内市场，此举可能会波及全球股票、债券和货币。
比特币 BTC$64 126,03、瑞波币 (XRP) 和其他主要加密货币在全球范围内都很活跃，但在东京的表现稍差一些，这是由于日元大幅上涨所致。 日元兑美元汇率从今天早些时候的 162.42 美元升至 161.55 美元。这一举措意味着在东京 BitFlyer 上市的 BTC/JPY 仅上涨 0.68%，而在美国纳斯达克上市的 BTC/USD 货币对则上涨 1.15%。同样的模式也适用于 XRP/JPY、SOL/JPY、ETH/JPY 和其他日元货币对——它们上涨，但明显落后于以美元计价的货币对。 本周早些时候日元跌至 40 年来的低点后，人们再次担心日本央行（或协调一致）可能进行干预，导致日元上涨。日本央行历来通过出售美元和购买日元来进行干预以支撑日元，尽管这些努力在很大程度上只产生了暂时的效果。日本财政担忧和相对较高的美国利率一再导致交易员在干预后不久恢复抛售日元。
今天早些时候，交易员收到了日本 6 月份生产者价格指数，该指数为 7.1%，为 2023 年 3 月以来最快的年度涨幅。批发通胀的飙升强化了日本央行进一步加息的预期。一位前央行官员周四表示，日本央行可能会更快加息，有可能将利率推至 2% 以上。 请注意，日元和比特币已经形成了异常强烈的正相关性，通常兑美元走势一致。如果这种相关性成立，日元上涨最终可能对比特币整体有利，即使 BTC/JPY（和其他加密货币/日元）货币对相对而言继续落后。 GPIF 风险 日本政府养老金投资基金 (GPIF) 管理着约 277 万亿日元（1.87 万亿美元）的资产，使其成为世界上最大的退休基金。它大量投资于全球股票和债券。 现在，日本政府希望 GPIF 和其他养老基金更多地投资于当地资产。这种轮换可能引发全球金融市场的波动。
InvestingLive 分析师在市场更新中表示，“该基金是全球最大的养老金池之一，截至 12 月底持有 293.4 万亿日元（约合 1.81 万亿美元）资产，在国内股票、外国股票、国内债券和外国债券上保持大致相等的配置。” 分析师补充说：“由于规模如此之大，即使GPIF策略的微小变化也会受到全球债券、货币和股票市场的密切关注，这意味着该基金进一步向国内资产倾斜的任何具体举措都可能会引起日本以外的广泛关注。” 日本财务大臣片山皋月周五表示，政府希望探讨如何鼓励 GPIF 增持日本金融资产。在此背景下，日本政府债券收益率徘徊在 30 年来的高位。 比特币新闻XRP 新闻 相关资产 比特币$64 126,03 0.17%
A sharp rise in the yen has left bitcoin and other major cryptocurrencies underperforming in yen terms compared with their dollar-based trading pairs.
Stronger wholesale inflation and expectations of faster Bank of Japan rate hikes have fueled speculation about renewed intervention to support the yen.
Japan’s government is urging the giant GPIF pension fund to shift more of its roughly ¥277 trillion in assets into domestic markets, a move that could ripple through global stocks, bonds and currencies.
Bitcoin BTC$64 126,03, XRP (XRP), and other major cryptocurrencies are buoyant worldwide, but a bit less so in Tokyo, and it’s due to the sharp upswing in the Japanese yen.
The yen has jumped to 161.55 per USD from 162.42 per USD earlier today. That move has meant BTC/JPY listed on Tokyo-based BitFlyer is only up 0.68% versus a 1.15% gain in the U.S.-based Nasdaq’s BTC/USD pair. The same pattern holds for XRP/JPY, SOL/JPY, ETH/JPY, and other JPY pairs – they are up, but clearly underperforming their USD-denominated counterparts.
Yen’s rise comes amid renewed fears of possible Bank of Japan (or coordinated) intervention after the JPY fell to a 40-year low earlier this week. The BOJ has historically intervened by selling dollars and buying yen to prop up its currency, though those efforts have largely delivered only temporary effects. Japanese fiscal concerns and relatively higher U.S. interest rates have repeatedly led traders to resume selling the yen shortly after interventions.
Early today, traders received Japan’s producer price index for June, which came in at 7.1%, the fastest annual increase since March 2023. The spike in wholesale inflation reinforced expectations for further Bank of Japan rate hikes. A former central bank official said Thursday that the BOJ may hike rates faster, potentially pushing them above 2%.
Note that the Japanese yen and Bitcoin have developed an unusually strong positive correlation, often moving in lockstep against the U.S. dollar. If that correlation holds, yen upswings may ultimately prove positive for bitcoin in general, even as BTC/JPY (and other crypto/JPY) pairs continue to lag in relative terms.
The GPIF Risk
The Government Pension Investment Fund (GPIF) of Japan manages roughly ¥277 trillion ($1.87 trillion) in assets, making it the world’s largest retirement fund. It invests heavily in global stocks and bonds.
Now the Japanese government wants the GPIF and other pension funds to invest more in local assets. Such a rotation could trigger volatility in global financial markets.
"The fund, one of the largest pension pools in the world, held 293.4 trillion yen, or roughly 1.81 trillion dollars, in assets at the end of December, maintaining roughly equal allocations across domestic equities, foreign equities, domestic bonds and foreign bonds," analysts at InvestingLive said in a market update.
"Because of that size, even small shifts in GPIF's strategy are closely watched across global bond, currency and equity markets, meaning any concrete move to tilt the fund further toward domestic assets would likely draw significant attention well beyond Japan," analysts added.
Japan’s Finance Minister Satsuki Katayama said Friday that the government wants to explore ways to encourage the GPIF to boost holdings of Japanese financial assets. This comes as Japanese government bond yields hover at 30-year highs.
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