The recent weakness in the Japanese Yen has provided a boost to Bitcoin's price, according to derivatives trader Gordon Grant. He observed that when the dollar strengthens against the yen, it typically indicates a risk-on environment for risk assets. This is because the yen is often used in "carry trades," where investors borrow in low interest rate currencies like the yen to invest in higher yielding assets. When risk appetite increases, Bitcoin tends to perform well. Grant's analysis suggests that the yen's depreciation has contributed to the recent rise in Bitcoin's price, in addition to the Federal Reserve's 50 basis point rate hike. This highlights the interconnectedness of the financial markets and the impact of macroeconomic factors on Bitcoin's price.