Đồng Yên mạnh gây áp lực lên chỉ số đô la, bitcoin và vàng hưởng lợi ngắn hạn

The Huoxing Finance report states that the Japanese yen has recently strengthened significantly against the US dollar, with the USD/JPY exchange rate falling 1.4% to 156.4, continuing Wednesday’s 0.9% decline. The US Dollar Index (DXY) subsequently dropped 0.4% to 99.22, testing its 200-day moving average near 99.1. Against this backdrop, Bitcoin and gold have risen in tandem, contradicting the traditional view that a stronger yen typically triggers risk-off selling. Analysis suggests that the yen’s strength benefits Bitcoin primarily because it pressures the US Dollar Index; a weaker dollar generally supports dollar-denominated assets and eases global financial conditions. However, if the yen’s rally accelerates, this dynamic could reverse rapidly. Over the past decade, traders have extensively borrowed cheap yen to fund bullish bets on stocks, bonds, and even cryptocurrencies; a disorderly yen appreciation could trigger unwinding of these positions, sparking risk aversion. Previously, rapid yen appreciation has pressured Bitcoin—most notably in August 2024 during the unwinding of yen carry trades, when Bitcoin fell approximately 20% over several days. Currently, traders are increasing bets that the Bank of Japan will raise interest rates from 1% to 1.25% at its September 18 meeting, and reports indicate prior intervention by US and Japanese authorities to support the yen, leaving little resistance to further yen strength.