Government Pension Investment Fund

Japan’s effort to direct more pension money into domestic assets is sharpening attention on bitcoin and gold as potential stores of value. The move may support the long-term case for limited-supply assets, even as it raises near-term risk concerns across global markets.

Bitcoin, XRP and other major cryptocurrencies are still gaining globally, but their yen-denominated pairs are underperforming as the Japanese currency strengthens. The move reflects renewed intervention fears, hotter wholesale inflation and expectations that the Bank of Japan may raise rates faster.