The average yield on Japan’s 20-year government bonds reached 3.856% at Tuesday’s auction, exceeding market forecasts. This rise in Japanese long-term interest rates creates pressure on Bitcoin positions funded by low-cost yen borrowings. The Bank of Japan is set to meet on September 17-18, and upcoming policy decisions along with yen movements will test carry trade strategies. Bitcoin was trading around $77,700, down less than 1% for the day, according to market data.
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