According to TechFlow, on September 20, derivatives trader Gordon Grant said that the strengthening of the U.S. dollar against the yen provided support for Bitcoin. Grant pointed out that the strengthening of the U.S. dollar against the yen has always been beneficial to high-risk assets, and investors often use low-interest currencies such as the yen to finance "risk-on" transactions in search of higher returns. He emphasized: "The appreciation of the U.S. dollar against the yen alone by more than 1% has driven the appreciation of assets such as gold, silver and Bitcoin." Grant added that Bitcoin can not only serve as a "proxy for shorting the U.S. dollar" and appreciate when the U.S. dollar weakens, but also behaves as a high-beta asset, which tends to rise when overall market risk sentiment improves.

The macroeconomic environment of a stronger dollar and weaker yen was reinforced by the Bank of Japan’s decision on September 20. The central bank chose to keep its policy rate unchanged at 0.25%, showing hesitation to raise rates. This decision is a departure from its July statement, when the Bank of Japan said it would continue to raise rates if inflation develops as expected. The central bank decided to keep interest rates steady despite expectations that consumer price index (CPI) inflation could rise in 2025, mainly due to the fading effects of government measures to curb CPI inflation.