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Curated by Korea Economic Daily's crypto journalists — only the information that matters for your investment decisions.
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Trump Says Stocks Will Rise, Wants Lower Gasoline PricesPresident Donald Trump said the US stock market will rise and that he wants retail gasoline prices to fall further. "The stock market is going to go up," Trump said on September 2, Walter Bloomberg reported. He also said he wants gasoline prices to come down. Trump did not cite specific reasons for his stock-market outlook or his call for lower gasoline prices.

Trump Says Stocks Will Rise, Wants Lower Gasoline Prices

President Donald Trump said the US stock market will rise and that he wants retail gasoline prices to fall further.
"The stock market is going to go up," Trump said on September 2, Walter Bloomberg reported.
He also said he wants gasoline prices to come down.
Trump did not cite specific reasons for his stock-market outlook or his call for lower gasoline prices.
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Trump Team Turns to Stablecoins in Bid to Ease Treasury Yield PressureMore stablecoin issuance would boost demand for short-term U.S. Treasuries That could help ease upward pressure on long-term yields The expansion of dollar stablecoins led by Wall Street firms may also help stabilize U.S. Treasury yields. As issuance rises, demand increases for short-term U.S. Treasuries used as reserve assets. Funds raised through greater bill issuance could then be used for long-bond buybacks, helping reduce upward pressure on long-term yields. The Wall Street Journal recently reported that Treasury Secretary Scott Bessent's effort to stabilize the bond market could get help from crypto legislation, another priority for the Trump administration. The Treasury Department is pursuing a so-called Treasury twist, increasing short-term issuance and using the proceeds to expand long-term buybacks. The move comes as long-term yields have climbed sharply on concerns over fiscal deficits and inflation, with U.S. national debt now above $40 trillion. The link between dollar stablecoins and U.S. Treasuries is the GENIUS Act, a crypto-related law enacted last year. President Donald Trump has strongly supported stablecoins since the early part of his presidency, arguing they would reinforce dollar dominance and foster the digital-asset industry. In that context, the GENIUS Act was crafted to bring stablecoins into the regulated financial system. After implementing rules are finalized, it is set to take full effect next year. Under the law, issuers of dollar stablecoins must hold cash or U.S. Treasuries with maturities of 93 days or less equal in value to the tokens they issue. That means demand for short-term U.S. Treasuries would inevitably rise as stablecoin issuance expands. The dynamic also fits with Bessent's push to reshape the Treasury's maturity profile. If the Treasury sells more short-dated debt and uses the proceeds to buy back longer-term bonds, it could improve supply and demand in the long-bond market and ease pressure on yields. Some analysts also argue that stablecoin issuers prefer U.S. Treasuries to cash as reserve assets. Aspen Economic Strategy Group said in a report that when $1 flows into a bank, about 8 cents is invested in short-term instruments. By contrast, when $1 flows into stablecoins, about 80 cents could be directed into short-term debt. It may still take time for stablecoins to grow large enough to alter the U.S. government's funding structure. The Journal said Bessent expects global stablecoin issuance to reach $3.7 trillion by 2030. That would require the market to grow more than tenfold from about $300 billion in 2025. Lee Hye-in, Hankyung.com reporter hey@hankyung.com

Trump Team Turns to Stablecoins in Bid to Ease Treasury Yield Pressure

More stablecoin issuance would boost demand for short-term U.S. Treasuries
That could help ease upward pressure on long-term yields
The expansion of dollar stablecoins led by Wall Street firms may also help stabilize U.S. Treasury yields. As issuance rises, demand increases for short-term U.S. Treasuries used as reserve assets. Funds raised through greater bill issuance could then be used for long-bond buybacks, helping reduce upward pressure on long-term yields.
The Wall Street Journal recently reported that Treasury Secretary Scott Bessent's effort to stabilize the bond market could get help from crypto legislation, another priority for the Trump administration. The Treasury Department is pursuing a so-called Treasury twist, increasing short-term issuance and using the proceeds to expand long-term buybacks. The move comes as long-term yields have climbed sharply on concerns over fiscal deficits and inflation, with U.S. national debt now above $40 trillion.
The link between dollar stablecoins and U.S. Treasuries is the GENIUS Act, a crypto-related law enacted last year. President Donald Trump has strongly supported stablecoins since the early part of his presidency, arguing they would reinforce dollar dominance and foster the digital-asset industry. In that context, the GENIUS Act was crafted to bring stablecoins into the regulated financial system. After implementing rules are finalized, it is set to take full effect next year.
Under the law, issuers of dollar stablecoins must hold cash or U.S. Treasuries with maturities of 93 days or less equal in value to the tokens they issue. That means demand for short-term U.S. Treasuries would inevitably rise as stablecoin issuance expands. The dynamic also fits with Bessent's push to reshape the Treasury's maturity profile. If the Treasury sells more short-dated debt and uses the proceeds to buy back longer-term bonds, it could improve supply and demand in the long-bond market and ease pressure on yields.
Some analysts also argue that stablecoin issuers prefer U.S. Treasuries to cash as reserve assets. Aspen Economic Strategy Group said in a report that when $1 flows into a bank, about 8 cents is invested in short-term instruments. By contrast, when $1 flows into stablecoins, about 80 cents could be directed into short-term debt.
It may still take time for stablecoins to grow large enough to alter the U.S. government's funding structure. The Journal said Bessent expects global stablecoin issuance to reach $3.7 trillion by 2030. That would require the market to grow more than tenfold from about $300 billion in 2025.
Lee Hye-in, Hankyung.com reporter hey@hankyung.com
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US August ADP Private Payrolls Rise 38,000, Miss ForecastsU.S. private-sector hiring rose less than expected in August. ADP said on September 2 that U.S. nonfarm private payrolls increased by 38,000 from the previous month. That was down 8,000 from April's gain of 46,000. The figure was 9,000 below the 47,000 estimate compiled by Dow Jones. The ADP employment report is typically released two days before the U.S. Labor Department's jobs report from the Bureau of Labor Statistics, making it a rough preview of the government data. Still, it does not always move in the same direction as the official figures.

US August ADP Private Payrolls Rise 38,000, Miss Forecasts

U.S. private-sector hiring rose less than expected in August.
ADP said on September 2 that U.S. nonfarm private payrolls increased by 38,000 from the previous month. That was down 8,000 from April's gain of 46,000.
The figure was 9,000 below the 47,000 estimate compiled by Dow Jones.
The ADP employment report is typically released two days before the U.S. Labor Department's jobs report from the Bureau of Labor Statistics, making it a rough preview of the government data. Still, it does not always move in the same direction as the official figures.
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Coinbase Co-Founder Fred Ehrsam Seeks Control of at Least Three Venezuelan Oil FieldsCoinbase co-founder Fred Ehrsam is seeking control of at least three oil fields in Venezuela. Bloomberg reported on Sept. 2, citing people familiar with the matter, that Ehrsam is pursuing control of more than three Venezuelan oil fields operated by Alborada Heavy Industries. The talks are being conducted through Primavera, a company he co-founded to invest in Venezuela. The move comes as the U.S. government reshapes Venezuela's oil industry and seeks to replace some operators that have been active since the Maduro era with investors close to President Donald Trump's camp, Bloomberg said. Ehrsam has already made several trips to Caracas to push the acquisition. Bloomberg reported in May that he met with senior U.S. and Venezuelan officials to review investments in oil and natural gas, as well as fintech. The U.S. is also considering canceling existing operating contracts for those oil fields, the report said. Energy Secretary Chris Wright is scheduled to visit Caracas this week and unveil as many as 17 oil and natural gas agreements.

Coinbase Co-Founder Fred Ehrsam Seeks Control of at Least Three Venezuelan Oil Fields

Coinbase co-founder Fred Ehrsam is seeking control of at least three oil fields in Venezuela.
Bloomberg reported on Sept. 2, citing people familiar with the matter, that Ehrsam is pursuing control of more than three Venezuelan oil fields operated by Alborada Heavy Industries. The talks are being conducted through Primavera, a company he co-founded to invest in Venezuela.
The move comes as the U.S. government reshapes Venezuela's oil industry and seeks to replace some operators that have been active since the Maduro era with investors close to President Donald Trump's camp, Bloomberg said.
Ehrsam has already made several trips to Caracas to push the acquisition. Bloomberg reported in May that he met with senior U.S. and Venezuelan officials to review investments in oil and natural gas, as well as fintech.
The U.S. is also considering canceling existing operating contracts for those oil fields, the report said. Energy Secretary Chris Wright is scheduled to visit Caracas this week and unveil as many as 17 oil and natural gas agreements.
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Bitcoin Pauses After Reclaiming $80,000 as Sept. 15 Clarity Act Vote LoomsBitcoin quickly climbed back above $80,000 in less than three months Expectations for formal crypto rules have supported sentiment A Sept. 15 vote could shape the next leg for prices Bitcoin has turned higher since mid-August, rebounding to the 111 million won range for the first time in nearly three months. Stronger appetite for risk assets after the U.S. Treasury announced expanded long-term bond buybacks helped channel liquidity into digital assets and amplify the rally. Expectations for a more formal regulatory framework for cryptocurrencies have also buoyed sentiment. The fate of the Clarity Act, a crypto market-structure bill pending in the U.S. Senate, is emerging as a key driver of Bitcoin’s next move. Back above 100 million won as rally holds According to Upbit, Bitcoin was at 108.91 million won as of the 9 a.m. close on Sept. 1. After reaching 111 million won on Aug. 27, it has held in the 108 million won range. Bitcoin last traded in the 111 million won range on May 26. It rose for five straight trading days from Aug. 23 through Aug. 27, gaining 4% from 106.74 million won. The rebound was swift. After falling to 89.12 million won on Aug. 14, Bitcoin recovered the 90 million won level three days later on Aug. 17 and reached 100 million won on Aug. 20. The recovery has also stood out in dollar terms. Bitcoin has recently traded in the upper-$70,000 range. It climbed sharply from mid-August, moved above $73,000 on Aug. 21 and briefly touched $80,000 intraday on Aug. 25. That was the first time it traded at $80,000 since May. Before the rebound, Bitcoin had been trading in the $60,000 range and fell to the $58,000 range on July 1. The rally gathered momentum after the U.S. Treasury announced on Aug. 19 that it would expand buybacks of long-term Treasuries. The Treasury said at the time that it would more than double the buyback cap to support market liquidity. Long-term Treasury yields fell immediately afterward, boosting demand for risk assets such as Bitcoin. Yields rebounded quickly, but buying of Bitcoin continued. Market participants also see demand shifting to Bitcoin as concerns over U.S. fiscal stability spur interest in hedges against a weaker dollar. The token’s fixed supply, which governments cannot expand at will, has drawn renewed attention. Regulatory optimism adds to the rally Expectations for formal crypto rules also added to the advance. On Aug. 18, one day before the Treasury’s bond-buyback announcement, the U.S. Securities and Exchange Commission unveiled a crypto rule proposal. It sets standards for companies seeking to use token issuance to raise funds. The proposal was widely seen as a stopgap after progress on the Clarity Act, which would classify digital assets as securities or commodities, was delayed. Even with the bill stalled, continued work on crypto rules helped lift market expectations. The policy push intensified the next day. On Aug. 19, as news of the Treasury buybacks emerged, President Donald Trump met U.S. crypto-industry executives at the White House and urged swift passage of the Clarity Act. The bill also lays out how oversight would be divided between the SEC and the Commodity Futures Trading Commission. The heads of both agencies attended the meeting. Bitcoin’s rally also gained traction as the sharp rebound triggered additional buying. After prices jumped following the Treasury’s expanded buybacks and Trump’s White House meeting with industry executives, investors who had borrowed and sold digital assets on expectations of further declines rushed to buy back Bitcoin. The initial rise prompted more buying, accelerating the advance in a short period. Focus turns to Clarity Act vote Funds flowing into the market also rose sharply during the rally. According to Farside Investors, spot Bitcoin exchange-traded funds listed in the U.S. posted net inflows for nine straight trading days from Aug. 17 through Aug. 27. Total inflows reached $3.4444 billion. The biggest single-day intake came on Aug. 20, when $606.3 million flowed in. Bitcoin’s rebound was accompanied by continued ETF inflows. Investor sentiment has also improved steadily. The Fear & Greed Index compiled by data firm Alternative hit 73 on Aug. 28, a level classified as greed. A reading closer to 100 signals more overheated sentiment. The index stood at 31, or fear, on Aug. 17, then jumped to 72 on Aug. 22. In a little over 10 days, market mood swung sharply from fear to greed. It was the first time the index had been in the 70s since October last year. At that time, Bitcoin traded in the 170 million won range in South Korea and around $120,000 overseas. Bitcoin’s next direction will likely hinge on whether the U.S. Senate passes the Clarity Act in a vote scheduled for Sept. 15. If the bill passes, clearer rules for digital-asset trading could influence institutional investor appetite. The Clarity Act passed the House in July last year and the Senate Banking Committee in May, but failed to clear the full Senate in early August. “The key question is whether Bitcoin can hold these gains,” a crypto-industry official said. “The Clarity Act will affect not only Bitcoin, but also altcoins.” Park Si-on, Hankyung.com reporter ushire908@hankyung.com

Bitcoin Pauses After Reclaiming $80,000 as Sept. 15 Clarity Act Vote Looms

Bitcoin quickly climbed back above $80,000 in less than three months
Expectations for formal crypto rules have supported sentiment
A Sept. 15 vote could shape the next leg for prices
Bitcoin has turned higher since mid-August, rebounding to the 111 million won range for the first time in nearly three months. Stronger appetite for risk assets after the U.S. Treasury announced expanded long-term bond buybacks helped channel liquidity into digital assets and amplify the rally. Expectations for a more formal regulatory framework for cryptocurrencies have also buoyed sentiment. The fate of the Clarity Act, a crypto market-structure bill pending in the U.S. Senate, is emerging as a key driver of Bitcoin’s next move.
Back above 100 million won as rally holds
According to Upbit, Bitcoin was at 108.91 million won as of the 9 a.m. close on Sept. 1. After reaching 111 million won on Aug. 27, it has held in the 108 million won range.
Bitcoin last traded in the 111 million won range on May 26. It rose for five straight trading days from Aug. 23 through Aug. 27, gaining 4% from 106.74 million won. The rebound was swift. After falling to 89.12 million won on Aug. 14, Bitcoin recovered the 90 million won level three days later on Aug. 17 and reached 100 million won on Aug. 20.
The recovery has also stood out in dollar terms. Bitcoin has recently traded in the upper-$70,000 range. It climbed sharply from mid-August, moved above $73,000 on Aug. 21 and briefly touched $80,000 intraday on Aug. 25. That was the first time it traded at $80,000 since May. Before the rebound, Bitcoin had been trading in the $60,000 range and fell to the $58,000 range on July 1.
The rally gathered momentum after the U.S. Treasury announced on Aug. 19 that it would expand buybacks of long-term Treasuries. The Treasury said at the time that it would more than double the buyback cap to support market liquidity. Long-term Treasury yields fell immediately afterward, boosting demand for risk assets such as Bitcoin. Yields rebounded quickly, but buying of Bitcoin continued. Market participants also see demand shifting to Bitcoin as concerns over U.S. fiscal stability spur interest in hedges against a weaker dollar. The token’s fixed supply, which governments cannot expand at will, has drawn renewed attention.
Regulatory optimism adds to the rally
Expectations for formal crypto rules also added to the advance. On Aug. 18, one day before the Treasury’s bond-buyback announcement, the U.S. Securities and Exchange Commission unveiled a crypto rule proposal. It sets standards for companies seeking to use token issuance to raise funds. The proposal was widely seen as a stopgap after progress on the Clarity Act, which would classify digital assets as securities or commodities, was delayed. Even with the bill stalled, continued work on crypto rules helped lift market expectations.
The policy push intensified the next day. On Aug. 19, as news of the Treasury buybacks emerged, President Donald Trump met U.S. crypto-industry executives at the White House and urged swift passage of the Clarity Act. The bill also lays out how oversight would be divided between the SEC and the Commodity Futures Trading Commission. The heads of both agencies attended the meeting.
Bitcoin’s rally also gained traction as the sharp rebound triggered additional buying. After prices jumped following the Treasury’s expanded buybacks and Trump’s White House meeting with industry executives, investors who had borrowed and sold digital assets on expectations of further declines rushed to buy back Bitcoin. The initial rise prompted more buying, accelerating the advance in a short period.
Focus turns to Clarity Act vote
Funds flowing into the market also rose sharply during the rally. According to Farside Investors, spot Bitcoin exchange-traded funds listed in the U.S. posted net inflows for nine straight trading days from Aug. 17 through Aug. 27. Total inflows reached $3.4444 billion. The biggest single-day intake came on Aug. 20, when $606.3 million flowed in. Bitcoin’s rebound was accompanied by continued ETF inflows.
Investor sentiment has also improved steadily. The Fear & Greed Index compiled by data firm Alternative hit 73 on Aug. 28, a level classified as greed. A reading closer to 100 signals more overheated sentiment. The index stood at 31, or fear, on Aug. 17, then jumped to 72 on Aug. 22. In a little over 10 days, market mood swung sharply from fear to greed. It was the first time the index had been in the 70s since October last year. At that time, Bitcoin traded in the 170 million won range in South Korea and around $120,000 overseas.
Bitcoin’s next direction will likely hinge on whether the U.S. Senate passes the Clarity Act in a vote scheduled for Sept. 15. If the bill passes, clearer rules for digital-asset trading could influence institutional investor appetite. The Clarity Act passed the House in July last year and the Senate Banking Committee in May, but failed to clear the full Senate in early August. “The key question is whether Bitcoin can hold these gains,” a crypto-industry official said. “The Clarity Act will affect not only Bitcoin, but also altcoins.”
Park Si-on, Hankyung.com reporter ushire908@hankyung.com
Bitcoin s’affaiblit autour de 77 500 $ alors que l’affrontement entre les États-Unis et l’Iran fait chuter Solana et Tron de plus de 3 %Les grandes cryptomonnaies, dont Bitcoin, ont reculé alors que l’aversion au risque s’est propagée après des frappes aériennes américaines contre l’Iran. CoinDesk a rapporté que Bitcoin était négocié autour de 77 500 $ pendant les heures asiatiques du 2 septembre. Le jeton était en baisse d’environ 1 % sur les dernières 24 heures, une baisse plus faible que celle de grandes cryptomonnaies comme Solana et Tron. Les altcoins ont enregistré des pertes plus marquées. Solana a chuté de plus de 3 % à environ 100 $, tandis que Tron a baissé de plus de 3 % à 0,32 $. Ether s’est échangé près de 2 414 $, en baisse de 2 %, et XRP a changé de mains autour de 1,35 $ après avoir glissé d’environ 2 %. Dogecoin et Hyperliquid ont également reculé d’environ 2 % et 1 %, respectivement. BNB s’est montré relativement résilient, avec une perte de moins de 1 %.

Bitcoin s’affaiblit autour de 77 500 $ alors que l’affrontement entre les États-Unis et l’Iran fait chuter Solana et Tron de plus de 3 %

Les grandes cryptomonnaies, dont Bitcoin, ont reculé alors que l’aversion au risque s’est propagée après des frappes aériennes américaines contre l’Iran.
CoinDesk a rapporté que Bitcoin était négocié autour de 77 500 $ pendant les heures asiatiques du 2 septembre. Le jeton était en baisse d’environ 1 % sur les dernières 24 heures, une baisse plus faible que celle de grandes cryptomonnaies comme Solana et Tron.
Les altcoins ont enregistré des pertes plus marquées. Solana a chuté de plus de 3 % à environ 100 $, tandis que Tron a baissé de plus de 3 % à 0,32 $. Ether s’est échangé près de 2 414 $, en baisse de 2 %, et XRP a changé de mains autour de 1,35 $ après avoir glissé d’environ 2 %. Dogecoin et Hyperliquid ont également reculé d’environ 2 % et 1 %, respectivement. BNB s’est montré relativement résilient, avec une perte de moins de 1 %.
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US Spot-Bitcoin ETFs Post $236.47 Million in Net Outflows After One DayU.S. spot-Bitcoin exchange-traded funds returned to net outflows after one day, with more than $200 million leaving the products. U.S. spot-Bitcoin ETFs recorded total net outflows of $236.47 million on September 1, according to Trader T. That compared with net inflows of $216.7 million on August 31, the previous trading day. BlackRock's IBIT led the outflows, shedding $201.18 million. Fidelity's FBTC also posted net outflows of $43.67 million. Bitwise's BITB was the only major product to record inflows, adding $8.38 million. The remaining products posted no net flows.

US Spot-Bitcoin ETFs Post $236.47 Million in Net Outflows After One Day

U.S. spot-Bitcoin exchange-traded funds returned to net outflows after one day, with more than $200 million leaving the products.
U.S. spot-Bitcoin ETFs recorded total net outflows of $236.47 million on September 1, according to Trader T. That compared with net inflows of $216.7 million on August 31, the previous trading day.
BlackRock's IBIT led the outflows, shedding $201.18 million. Fidelity's FBTC also posted net outflows of $43.67 million.
Bitwise's BITB was the only major product to record inflows, adding $8.38 million. The remaining products posted no net flows.
Voir la traduction
Trump Says He Won’t Push Iran Into Talks, Claims US Nearly Fully Controls Strait of HormuzPresident Donald Trump said he is not trying to force Iran to the negotiating table and claimed the US has nearly complete control of the Strait of Hormuz. In a Truth Social post on September 1, Trump said, contrary to an ABC News report, he is not trying to bring Iran into negotiations. He added that he does not care whether Tehran signs a deal that would be of no value to it. "I much prefer the current situation, where I have almost complete control of the Strait of Hormuz and Iran's economy is collapsing entirely," Trump wrote. "They are simply heading toward an inevitable outcome." Trump also turned to Iran's domestic situation, writing: "When will the people of Iran rise up and fight?" The comments came as tensions around the Strait of Hormuz rose amid renewed escalation in military clashes between the US and Iran.

Trump Says He Won’t Push Iran Into Talks, Claims US Nearly Fully Controls Strait of Hormuz

President Donald Trump said he is not trying to force Iran to the negotiating table and claimed the US has nearly complete control of the Strait of Hormuz.
In a Truth Social post on September 1, Trump said, contrary to an ABC News report, he is not trying to bring Iran into negotiations. He added that he does not care whether Tehran signs a deal that would be of no value to it.
"I much prefer the current situation, where I have almost complete control of the Strait of Hormuz and Iran's economy is collapsing entirely," Trump wrote. "They are simply heading toward an inevitable outcome."
Trump also turned to Iran's domestic situation, writing: "When will the people of Iran rise up and fight?"
The comments came as tensions around the Strait of Hormuz rose amid renewed escalation in military clashes between the US and Iran.
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Sept. 2 Economic and Crypto Calendar: US August ADP Employment, Canada Rate DecisionToday's Key Economic Events ▶ Sept. 2 (Wednesday): South Korea's August consumer price index (8 a.m. Korea time); US August ADP nonfarm employment change (9:15 p.m. Korea time); Canada interest-rate decision (10:45 p.m. Korea time) Today's Key Cryptocurrency Events ▶ Sept. 2 (Wednesday): ZIL exchange balance hard fork

Sept. 2 Economic and Crypto Calendar: US August ADP Employment, Canada Rate Decision

Today's Key Economic Events
▶ Sept. 2 (Wednesday): South Korea's August consumer price index (8 a.m. Korea time); US August ADP nonfarm employment change (9:15 p.m. Korea time); Canada interest-rate decision (10:45 p.m. Korea time)
Today's Key Cryptocurrency Events
▶ Sept. 2 (Wednesday): ZIL exchange balance hard fork
Le G20 affirme que les actifs numériques peuvent soutenir la croissance et soutient des règles claires pour une innovation responsableLes ministres des Finances du G20 et les gouverneurs de banques centrales ont officiellement reconnu que les actifs numériques ont le potentiel de soutenir la croissance économique et se sont engagés à créer des voies claires pour une innovation responsable. Le langage a été inclus dans la déclaration de la présidence du G20 publiée le 1er septembre par le secrétaire au Trésor américain Scott Bessent. Les ministres des Finances et les gouverneurs de banques centrales ont déclaré partager le point de vue selon lequel les actifs numériques peuvent contribuer à soutenir la croissance économique. La déclaration a également indiqué que le groupe travaillera ensemble pour établir des « voies claires » en vue d’une innovation responsable dans le domaine des actifs numériques. L’objectif est d’utiliser les actifs numériques comme outil d’innovation dans l’économie au sens large et le système financier, tout en actualisant le cadre institutionnel et réglementaire connexe.

Le G20 affirme que les actifs numériques peuvent soutenir la croissance et soutient des règles claires pour une innovation responsable

Les ministres des Finances du G20 et les gouverneurs de banques centrales ont officiellement reconnu que les actifs numériques ont le potentiel de soutenir la croissance économique et se sont engagés à créer des voies claires pour une innovation responsable.
Le langage a été inclus dans la déclaration de la présidence du G20 publiée le 1er septembre par le secrétaire au Trésor américain Scott Bessent. Les ministres des Finances et les gouverneurs de banques centrales ont déclaré partager le point de vue selon lequel les actifs numériques peuvent contribuer à soutenir la croissance économique.
La déclaration a également indiqué que le groupe travaillera ensemble pour établir des « voies claires » en vue d’une innovation responsable dans le domaine des actifs numériques. L’objectif est d’utiliser les actifs numériques comme outil d’innovation dans l’économie au sens large et le système financier, tout en actualisant le cadre institutionnel et réglementaire connexe.
Le Bitcoin bondit de 25 % en août, pour sa meilleure hausse mensuelle depuis 2017Le Bitcoin a grimpé d’environ 25 % le mois dernier, enregistrant sa meilleure performance d’août en neuf ans. Joel Kruger, stratégiste de marché au sein du LMAX Group, a déclaré à The Block, le 1er septembre, que le Bitcoin avait progressé d’environ 25 % en août, soit sa meilleure performance mensuelle depuis 2017. Il s’agissait également du plus fort gain mensuel de la cryptomonnaie depuis novembre 2024. Le Bitcoin a conservé la majeure partie de ces gains après la hausse. Il s’échangeait autour de 78 000 $ le 1er septembre. La pression sur les actifs à risque s’est accrue alors que le conflit militaire entre les États-Unis et l’Iran s’est à nouveau intensifié et que le Brent est monté au-dessus de 90 $ le baril. Malgré cela, le Bitcoin n’a pas subi de correction brutale.

Le Bitcoin bondit de 25 % en août, pour sa meilleure hausse mensuelle depuis 2017

Le Bitcoin a grimpé d’environ 25 % le mois dernier, enregistrant sa meilleure performance d’août en neuf ans.
Joel Kruger, stratégiste de marché au sein du LMAX Group, a déclaré à The Block, le 1er septembre, que le Bitcoin avait progressé d’environ 25 % en août, soit sa meilleure performance mensuelle depuis 2017. Il s’agissait également du plus fort gain mensuel de la cryptomonnaie depuis novembre 2024.
Le Bitcoin a conservé la majeure partie de ces gains après la hausse. Il s’échangeait autour de 78 000 $ le 1er septembre. La pression sur les actifs à risque s’est accrue alors que le conflit militaire entre les États-Unis et l’Iran s’est à nouveau intensifié et que le Brent est monté au-dessus de 90 $ le baril. Malgré cela, le Bitcoin n’a pas subi de correction brutale.
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Bessent Says Treasury Yield Surge Isn’t Serious as 10-Year Tops 4.788%Treasury Secretary Scott Bessent brushed off concerns about the bond market after long-term US Treasury yields climbed to their highest levels in years, saying inflation expectations remain well anchored. Speaking in Asheville, North Carolina, on Sept. 1 during a Group of 20 finance ministers meeting, Bessent told Fox Business he does not see the US as being in a serious situation. He said inflation expectations have stayed stable despite the recent rise in Treasury yields. The US economy is still posting solid growth and remains highly competitive in artificial intelligence, he added. In an interview with Reuters a day earlier, Bessent also rejected describing the recent moves as turmoil in the bond market. Even so, long-term Treasury yields extended their climb. The 10-year Treasury yield rose 3 basis points in morning trading to 4.788%, the highest level since Jan. 14, 2025. The 30-year yield also gained more than 2 basis points to 5.272%, moving closer to its highest level since 2007. The rise in long-term yields has been driven by a combination of factors, including higher oil prices linked to the war in Iran and concerns about US fiscal soundness. Increased corporate bond issuance by AI companies has also added to supply pressure in the debt market, pushing yields higher. The Treasury Department has also expanded its Treasury buybacks in response to rising long-term yields. On Aug. 19, it decided to more than double purchases of long-dated Treasuries to at least $4 billion per operation from $2 billion. Bessent also signaled additional economic sanctions against Iran. He said the US plans to announce new sanctions on Iranian banks as early as this week and follow up with additional measures next week. The Treasury Department is reviewing steps that include blocking some Iranian financial institutions from accessing the dollar-based financial system. The sanctions could be widened to cover companies that do business with Iran’s Islamic Revolutionary Guard Corps, or IRGC. Bessent said entities dealing with the IRGC, including aircraft leasing companies, could be targeted. “Tolerance is zero,” he said.

Bessent Says Treasury Yield Surge Isn’t Serious as 10-Year Tops 4.788%

Treasury Secretary Scott Bessent brushed off concerns about the bond market after long-term US Treasury yields climbed to their highest levels in years, saying inflation expectations remain well anchored.
Speaking in Asheville, North Carolina, on Sept. 1 during a Group of 20 finance ministers meeting, Bessent told Fox Business he does not see the US as being in a serious situation.
He said inflation expectations have stayed stable despite the recent rise in Treasury yields. The US economy is still posting solid growth and remains highly competitive in artificial intelligence, he added. In an interview with Reuters a day earlier, Bessent also rejected describing the recent moves as turmoil in the bond market.
Even so, long-term Treasury yields extended their climb. The 10-year Treasury yield rose 3 basis points in morning trading to 4.788%, the highest level since Jan. 14, 2025. The 30-year yield also gained more than 2 basis points to 5.272%, moving closer to its highest level since 2007.
The rise in long-term yields has been driven by a combination of factors, including higher oil prices linked to the war in Iran and concerns about US fiscal soundness. Increased corporate bond issuance by AI companies has also added to supply pressure in the debt market, pushing yields higher.
The Treasury Department has also expanded its Treasury buybacks in response to rising long-term yields. On Aug. 19, it decided to more than double purchases of long-dated Treasuries to at least $4 billion per operation from $2 billion.
Bessent also signaled additional economic sanctions against Iran. He said the US plans to announce new sanctions on Iranian banks as early as this week and follow up with additional measures next week. The Treasury Department is reviewing steps that include blocking some Iranian financial institutions from accessing the dollar-based financial system.
The sanctions could be widened to cover companies that do business with Iran’s Islamic Revolutionary Guard Corps, or IRGC. Bessent said entities dealing with the IRGC, including aircraft leasing companies, could be targeted. “Tolerance is zero,” he said.
Bessent soutient une hausse des taux de la BOJ pour corriger la sous-évaluation du yenLe secrétaire au Trésor américain, Scott Bessent, a fait part de son fort soutien à la réponse de la Banque du Japon à la faiblesse du yen afin de la corriger, après avoir rencontré le gouverneur de la Banque du Japon, Kazuo Ueda. Cela a renforcé les attentes d’une hausse du taux directeur de la BOJ le 18 septembre. Bloomberg a rapporté, le 1er septembre, que le Trésor, en dévoilant des détails de la réunion, a indiqué que M. Bessent « a exprimé un fort soutien aux actions décisives du Japon en matière de marché et de politique monétaire pour remédier à la sous-évaluation substantielle du yen ». Les deux se sont rencontrés le 30 août à Asheville, en Caroline du Nord, où ils assistaient à une réunion des ministres des finances et des gouverneurs de banques centrales du G20.

Bessent soutient une hausse des taux de la BOJ pour corriger la sous-évaluation du yen

Le secrétaire au Trésor américain, Scott Bessent, a fait part de son fort soutien à la réponse de la Banque du Japon à la faiblesse du yen afin de la corriger, après avoir rencontré le gouverneur de la Banque du Japon, Kazuo Ueda. Cela a renforcé les attentes d’une hausse du taux directeur de la BOJ le 18 septembre.
Bloomberg a rapporté, le 1er septembre, que le Trésor, en dévoilant des détails de la réunion, a indiqué que M. Bessent « a exprimé un fort soutien aux actions décisives du Japon en matière de marché et de politique monétaire pour remédier à la sous-évaluation substantielle du yen ». Les deux se sont rencontrés le 30 août à Asheville, en Caroline du Nord, où ils assistaient à une réunion des ministres des finances et des gouverneurs de banques centrales du G20.
Voir la traduction
Petition to Delay South Korea Crypto Tax by Two Years Reaches 48% of National Assembly ThresholdA public petition urging South Korea’s National Assembly to delay cryptocurrency taxation, currently set to take effect in 2027, by another two years has reached 48% of the support needed for review. A total of 24,052 people have signed the petition so far. The National Assembly’s public petition website showed on Sept. 1 that 24,052 people had endorsed the petition, titled “Petition for a Two-Year Delay in Coin Taxation,” which was registered on Aug. 21. Signatures will be accepted through Sept. 20. The petitioner argued that the government should push back crypto taxation by two years and first build out tax infrastructure for South Korea’s virtual-asset industry and individual investors. The petition also cited the risk that investors and trading volume could move to overseas exchanges before the tax takes effect. That, it said, could cut revenue at domestic exchanges and reduce their corporate tax payments. The petitioner argued that the fall in tax revenue caused by a contraction in the domestic industry could be larger than any increase in revenue from taxing crypto investment income. “A delay does not mean taxes should not be collected,” the petitioner wrote. “After two years of improving the system and the industry, taxation should be implemented properly.” Under the current schedule, taxes on crypto investment income are due to take effect in 2027. The petitioner said further improvements to the tax system and domestic market conditions are needed before implementation, given that investors would make their first filing and payment in May 2028.

Petition to Delay South Korea Crypto Tax by Two Years Reaches 48% of National Assembly Threshold

A public petition urging South Korea’s National Assembly to delay cryptocurrency taxation, currently set to take effect in 2027, by another two years has reached 48% of the support needed for review. A total of 24,052 people have signed the petition so far.
The National Assembly’s public petition website showed on Sept. 1 that 24,052 people had endorsed the petition, titled “Petition for a Two-Year Delay in Coin Taxation,” which was registered on Aug. 21. Signatures will be accepted through Sept. 20.
The petitioner argued that the government should push back crypto taxation by two years and first build out tax infrastructure for South Korea’s virtual-asset industry and individual investors.
The petition also cited the risk that investors and trading volume could move to overseas exchanges before the tax takes effect. That, it said, could cut revenue at domestic exchanges and reduce their corporate tax payments.
The petitioner argued that the fall in tax revenue caused by a contraction in the domestic industry could be larger than any increase in revenue from taxing crypto investment income.
“A delay does not mean taxes should not be collected,” the petitioner wrote. “After two years of improving the system and the industry, taxation should be implemented properly.”
Under the current schedule, taxes on crypto investment income are due to take effect in 2027. The petitioner said further improvements to the tax system and domestic market conditions are needed before implementation, given that investors would make their first filing and payment in May 2028.
Voir la traduction
Euro-Zone August Inflation Accelerates to 3.3%, Reinforcing ECB Rate-Hike CaseEuro-zone consumer inflation accelerated in August to its highest level in three years, strengthening the case for another European Central Bank interest-rate increase. Data released by the European Union’s statistics office on September 1 showed the euro zone’s consumer price index rose 3.3% from a year earlier in August. That was up from 2.9% in July and marked the highest level since September 2023. The reading matched market expectations. Core inflation, which strips out volatile items such as food and energy, slowed to 2.4%. Services inflation also eased to 3%. Rising energy costs amid recent tensions with Iran, combined with a more resilient-than-expected euro-zone economy, have led markets to assign a higher probability to a 25-basis-point increase in the ECB’s key rate on September 10. Financial markets have already largely priced in that move. Among member states, Italy’s inflation rate rose to 3.2% from 2.9%, while Spain’s climbed to 4.5%. Germany and France also recorded faster price growth in August. Some ECB officials have also signaled the need for further tightening. The ECB’s deposit rate stands at 2.25%, and Chief Economist Philip Lane has previously put the upper end of the neutral-rate range at about 2.5%. Still, the slowdown in core inflation has also fueled expectations that tightening may not proceed as quickly as markets anticipate. Analysts also say that if the energy-price shock persists, the prospect of another rate increase later this year could return to the agenda.

Euro-Zone August Inflation Accelerates to 3.3%, Reinforcing ECB Rate-Hike Case

Euro-zone consumer inflation accelerated in August to its highest level in three years, strengthening the case for another European Central Bank interest-rate increase.
Data released by the European Union’s statistics office on September 1 showed the euro zone’s consumer price index rose 3.3% from a year earlier in August. That was up from 2.9% in July and marked the highest level since September 2023. The reading matched market expectations.
Core inflation, which strips out volatile items such as food and energy, slowed to 2.4%. Services inflation also eased to 3%.
Rising energy costs amid recent tensions with Iran, combined with a more resilient-than-expected euro-zone economy, have led markets to assign a higher probability to a 25-basis-point increase in the ECB’s key rate on September 10. Financial markets have already largely priced in that move.
Among member states, Italy’s inflation rate rose to 3.2% from 2.9%, while Spain’s climbed to 4.5%. Germany and France also recorded faster price growth in August.
Some ECB officials have also signaled the need for further tightening. The ECB’s deposit rate stands at 2.25%, and Chief Economist Philip Lane has previously put the upper end of the neutral-rate range at about 2.5%.
Still, the slowdown in core inflation has also fueled expectations that tightening may not proceed as quickly as markets anticipate. Analysts also say that if the energy-price shock persists, the prospect of another rate increase later this year could return to the agenda.
Voir la traduction
South Korea Weighs 20% Cap on Crypto Exchange Major Shareholders Despite No Legal Review in Five ...South Korea’s Financial Services Commission is pushing a plan to cap stakes held by major shareholders in cryptocurrency exchanges despite conducting no related legal review or advisory work over the past five years. Edaily reported on September 1 that the commission disclosed the absence of any internal or external legal reviews or advisory records in audit materials submitted to Rep. Park Min-kyu of the National Assembly’s Political Affairs Committee. It also provided no separate records of related research projects or consultations with other government agencies. The commission is reviewing a provision for the government’s draft Digital Asset Basic Act that would, in principle, limit stake ownership by major shareholders of virtual asset businesses to 20%. An exception allowing holdings of up to 34% for companies that meet certain requirements is also under discussion. A proposal to restrict voting rights attached to shares held above the ownership cap is also being reviewed, Edaily reported. The commission said details, including the ceiling on major shareholders’ stakes, have not been finalized. The National Assembly Research Service previously said requiring existing major shareholders to dispose of their holdings or accept limits on voting rights could raise legal issues involving constitutional property rights, freedom of occupation and business activity, and the principle barring retroactive legislation. The government is set to submit its draft of the Digital Asset Basic Act this month to Rep. Yoo Dong-soo, the Democratic Party lawmaker who chairs the National Assembly’s Political Affairs Committee. Curbs on major shareholders’ stakes in crypto exchanges have emerged as one of the main issues in drafting the bill.

South Korea Weighs 20% Cap on Crypto Exchange Major Shareholders Despite No Legal Review in Five ...

South Korea’s Financial Services Commission is pushing a plan to cap stakes held by major shareholders in cryptocurrency exchanges despite conducting no related legal review or advisory work over the past five years.
Edaily reported on September 1 that the commission disclosed the absence of any internal or external legal reviews or advisory records in audit materials submitted to Rep. Park Min-kyu of the National Assembly’s Political Affairs Committee. It also provided no separate records of related research projects or consultations with other government agencies.
The commission is reviewing a provision for the government’s draft Digital Asset Basic Act that would, in principle, limit stake ownership by major shareholders of virtual asset businesses to 20%. An exception allowing holdings of up to 34% for companies that meet certain requirements is also under discussion.
A proposal to restrict voting rights attached to shares held above the ownership cap is also being reviewed, Edaily reported. The commission said details, including the ceiling on major shareholders’ stakes, have not been finalized.
The National Assembly Research Service previously said requiring existing major shareholders to dispose of their holdings or accept limits on voting rights could raise legal issues involving constitutional property rights, freedom of occupation and business activity, and the principle barring retroactive legislation.
The government is set to submit its draft of the Digital Asset Basic Act this month to Rep. Yoo Dong-soo, the Democratic Party lawmaker who chairs the National Assembly’s Political Affairs Committee. Curbs on major shareholders’ stakes in crypto exchanges have emerged as one of the main issues in drafting the bill.
[Analyse] La vente des détenteurs à long terme de Bitcoin bondit de 62 %, signalant une pression accrue pour la prise de profitsBitcoin a rebondi après une courte compression, mais la vente de la part des détenteurs de long terme a elle aussi fortement augmenté, selon une analyse on-chain. Dans une newsletter publiée le 1er septembre, l’analyste on-chain Axel Adler Jr. a écrit que le volume de distribution sur 30 jours des détenteurs de long terme de Bitcoin a grimpé de 61,5 % pour atteindre 281 900 BTC le 28 août, contre 174 500 BTC le 18 août. Il s’agissait du niveau le plus élevé de l’année. La hausse des prix a renforcé la rentabilité pour les détenteurs de long terme, créant des conditions plus favorables à la prise de profits. Le ratio MVRV des détenteurs de long terme est passé à 1,64 le 27 août, contre 1,31 le 18 août, et à 1,60 le 31 août.

[Analyse] La vente des détenteurs à long terme de Bitcoin bondit de 62 %, signalant une pression accrue pour la prise de profits

Bitcoin a rebondi après une courte compression, mais la vente de la part des détenteurs de long terme a elle aussi fortement augmenté, selon une analyse on-chain.
Dans une newsletter publiée le 1er septembre, l’analyste on-chain Axel Adler Jr. a écrit que le volume de distribution sur 30 jours des détenteurs de long terme de Bitcoin a grimpé de 61,5 % pour atteindre 281 900 BTC le 28 août, contre 174 500 BTC le 18 août. Il s’agissait du niveau le plus élevé de l’année.
La hausse des prix a renforcé la rentabilité pour les détenteurs de long terme, créant des conditions plus favorables à la prise de profits. Le ratio MVRV des détenteurs de long terme est passé à 1,64 le 27 août, contre 1,31 le 18 août, et à 1,60 le 31 août.
Voir la traduction
Japan 10-Year Yield Tops 3% for First Time in 30 Years as Takaiichi Fiscal Push Rattles Market10-year yield tops 3% for first time in three decades Bill comes due for ‘aggressive fiscal policy’ “I can no longer trust the Takaiichi administration’s fiscal policy.” Japan’s benchmark long-term borrowing cost rose above 3% for the first time in 30 years as expectations for additional Bank of Japan rate hikes combined with concern over US monetary tightening and growing market unease about Prime Minister Sanae Takaiichi’s aggressive fiscal expansion. With debt-servicing costs rising sharply, the government’s room to pursue tax cuts and higher spending is set to narrow. In Tokyo bond trading on Sept. 1, the yield on newly issued 10-year Japanese government bonds rose as much as 6 basis points from the previous day to 3.000%. Japan’s 10-year yield has not traded at 3% since September 1996. It reached as high as 2.950% intraday a day earlier, also the highest level in 30 years. When Takaiichi took office in October 2025, the 10-year yield was in the 1.6% range. In less than a year, it has nearly doubled. Global inflation pressure tied to instability in the Middle East has also contributed, but Japan’s yields are rising faster than those in the US and major European economies, market participants say. A 10-year government bond auction conducted by Japan’s Ministry of Finance on Sept. 1 also drew weak demand. The lowest accepted price came in below market expectations, while the highest accepted yield rose into the 3% range for the first time since 1996. The result underscored waning appetite for Japanese government debt. One of the immediate drivers is growing speculation that the BOJ will raise rates again. Expectations for another increase have climbed quickly since the US and Japanese governments jointly intervened in late July to buy yen. US Treasury Secretary Scott Bessent told CNBC on Aug. 31 that he believes the Japanese government and the BOJ will take steps that lead to a stronger yen. Markets interpreted the remarks as a call for the BOJ to tighten further. The BOJ’s next policy meeting is scheduled for Sept. 17-18. Overnight index swaps are pricing in more than a 90% chance of a rate increase that month. Investors are also increasingly betting on another move in December, which would leave the terminal policy rate above earlier expectations. Pressure on yields has also intensified in the US. Federal Reserve Chair Kevin Warsh said at last month’s Jackson Hole symposium that if policymakers cannot be confident inflation is easing, “there is work to do.” Markets took that as a hawkish signal that kept the possibility of another rate increase alive. Higher Treasury yields added to selling pressure on Japanese bonds. Still, markets are reacting even more sharply to Takaiichi’s fiscal expansion. Her government has championed what it calls “responsible aggressive fiscal policy,” centered on large-scale growth investment and tax cuts. In July, it adopted a growth strategy calling for more than 370 trillion yen in combined public and private investment across 17 strategic sectors by 2040. Last month, it also decided to temporarily cut the consumption tax on food to 1% for two years starting in April 2027. What remains unclear is how those measures will be funded. Preliminary budget requests for fiscal 2027, submitted at the end of August, swelled to about 143 trillion yen in the general account, partly because a new growth-investment category was created without a spending cap. That would mark a record. Additional increases in defense spending are also expected by year-end. Takaiichi has also revised the government’s fiscal framework. Instead of sticking with the previous target of bringing the combined primary balance of the central and local governments into annual surplus, she has said the focus will shift to steadily lowering the ratio of outstanding government debt to gross domestic product. The government says it will reduce reliance on supplementary budgets and hold new bond issuance below the previous year’s level. When Takaiichi announced the consumption-tax cut on Aug. 5, she said the administration had managed fiscal policy with full consideration for sustainability and market confidence. Markets have remained unconvinced. In July, a draft of the government’s annual basic policy on economic and fiscal management and reform, known as the Honebuto policy, dropped the phrase “fiscal consolidation.” That triggered a surge in bond yields in what markets dubbed the “Honebuto shock.” Takaiichi later said she did not believe she was the cause, but the climb in yields has continued. With long-term rates now at 3%, the fiscal burden on the Takaiichi government is poised to rise further. Higher yields increase interest costs on both newly issued bonds and refinancing debt, leaving less room for tax cuts, growth investment and a bigger defense budget. Japan’s long-term rates trended lower for years after the collapse of the asset bubble, alongside deflation. They fell further after the BOJ launched massive quantitative and qualitative easing in 2013, including large-scale government bond purchases, and reached minus 0.3% in 2016. The trend reversed after policy normalization began in 2024 with the end of negative interest rates and the scrapping of yield curve control. Markets view the break above 3% as both a sign that Japan is emerging from deflation and normalizing monetary policy, and a warning from the bond market over fiscal expansion. With further BOJ rate hikes also in sight, the path of yields will depend on how convincingly the Takaiichi government can identify funding sources for measures such as the food tax cut and higher defense spending. Choi Man-su, Tokyo correspondent, Korea Economic Daily, bebop@hankyung.com

Japan 10-Year Yield Tops 3% for First Time in 30 Years as Takaiichi Fiscal Push Rattles Market

10-year yield tops 3% for first time in three decades
Bill comes due for ‘aggressive fiscal policy’
“I can no longer trust the Takaiichi administration’s fiscal policy.”
Japan’s benchmark long-term borrowing cost rose above 3% for the first time in 30 years as expectations for additional Bank of Japan rate hikes combined with concern over US monetary tightening and growing market unease about Prime Minister Sanae Takaiichi’s aggressive fiscal expansion. With debt-servicing costs rising sharply, the government’s room to pursue tax cuts and higher spending is set to narrow.
In Tokyo bond trading on Sept. 1, the yield on newly issued 10-year Japanese government bonds rose as much as 6 basis points from the previous day to 3.000%. Japan’s 10-year yield has not traded at 3% since September 1996. It reached as high as 2.950% intraday a day earlier, also the highest level in 30 years.
When Takaiichi took office in October 2025, the 10-year yield was in the 1.6% range. In less than a year, it has nearly doubled. Global inflation pressure tied to instability in the Middle East has also contributed, but Japan’s yields are rising faster than those in the US and major European economies, market participants say.
A 10-year government bond auction conducted by Japan’s Ministry of Finance on Sept. 1 also drew weak demand. The lowest accepted price came in below market expectations, while the highest accepted yield rose into the 3% range for the first time since 1996. The result underscored waning appetite for Japanese government debt.
One of the immediate drivers is growing speculation that the BOJ will raise rates again. Expectations for another increase have climbed quickly since the US and Japanese governments jointly intervened in late July to buy yen.
US Treasury Secretary Scott Bessent told CNBC on Aug. 31 that he believes the Japanese government and the BOJ will take steps that lead to a stronger yen. Markets interpreted the remarks as a call for the BOJ to tighten further.
The BOJ’s next policy meeting is scheduled for Sept. 17-18. Overnight index swaps are pricing in more than a 90% chance of a rate increase that month. Investors are also increasingly betting on another move in December, which would leave the terminal policy rate above earlier expectations.
Pressure on yields has also intensified in the US. Federal Reserve Chair Kevin Warsh said at last month’s Jackson Hole symposium that if policymakers cannot be confident inflation is easing, “there is work to do.” Markets took that as a hawkish signal that kept the possibility of another rate increase alive. Higher Treasury yields added to selling pressure on Japanese bonds.
Still, markets are reacting even more sharply to Takaiichi’s fiscal expansion. Her government has championed what it calls “responsible aggressive fiscal policy,” centered on large-scale growth investment and tax cuts. In July, it adopted a growth strategy calling for more than 370 trillion yen in combined public and private investment across 17 strategic sectors by 2040. Last month, it also decided to temporarily cut the consumption tax on food to 1% for two years starting in April 2027.
What remains unclear is how those measures will be funded. Preliminary budget requests for fiscal 2027, submitted at the end of August, swelled to about 143 trillion yen in the general account, partly because a new growth-investment category was created without a spending cap. That would mark a record. Additional increases in defense spending are also expected by year-end.
Takaiichi has also revised the government’s fiscal framework. Instead of sticking with the previous target of bringing the combined primary balance of the central and local governments into annual surplus, she has said the focus will shift to steadily lowering the ratio of outstanding government debt to gross domestic product.
The government says it will reduce reliance on supplementary budgets and hold new bond issuance below the previous year’s level. When Takaiichi announced the consumption-tax cut on Aug. 5, she said the administration had managed fiscal policy with full consideration for sustainability and market confidence.
Markets have remained unconvinced. In July, a draft of the government’s annual basic policy on economic and fiscal management and reform, known as the Honebuto policy, dropped the phrase “fiscal consolidation.” That triggered a surge in bond yields in what markets dubbed the “Honebuto shock.” Takaiichi later said she did not believe she was the cause, but the climb in yields has continued.
With long-term rates now at 3%, the fiscal burden on the Takaiichi government is poised to rise further. Higher yields increase interest costs on both newly issued bonds and refinancing debt, leaving less room for tax cuts, growth investment and a bigger defense budget.
Japan’s long-term rates trended lower for years after the collapse of the asset bubble, alongside deflation. They fell further after the BOJ launched massive quantitative and qualitative easing in 2013, including large-scale government bond purchases, and reached minus 0.3% in 2016. The trend reversed after policy normalization began in 2024 with the end of negative interest rates and the scrapping of yield curve control.
Markets view the break above 3% as both a sign that Japan is emerging from deflation and normalizing monetary policy, and a warning from the bond market over fiscal expansion. With further BOJ rate hikes also in sight, the path of yields will depend on how convincingly the Takaiichi government can identify funding sources for measures such as the food tax cut and higher defense spending.
Choi Man-su, Tokyo correspondent, Korea Economic Daily, bebop@hankyung.com
Le bitcoin reste proche de 78 000 dollars alors que la hausse du pétrole et des rendements du Trésor limite de nouveaux gainsLe bitcoin s’est stabilisé près de 78 000 dollars après avoir bondi de 24 % en août, porté par des prix du pétrole plus élevés et par la hausse des rendements des bons du Trésor américain, qui limitent de nouveaux gains. CoinDesk a indiqué, le 1er septembre, que le bitcoin se négociait juste au-dessus de 78 400 dollars pendant les heures de la séance asiatique. Il a évolué entre 77 200 et 79 200 dollars au cours des dernières 24 heures, affichant une volatilité limitée. Le bitcoin a progressé de 24 % en août, sa plus forte hausse mensuelle depuis novembre 2024. La plupart des principales cryptomonnaies alternatives étaient en baisse. L’éther s’échangeait légèrement au-dessus de 2 440 dollars, tandis que Solana a reculé d’environ 1 % vers les 104 dollars. Le XRP a changé de mains sous les 1,40 dollar, et le BNB s’est négocié autour de 693 dollars. Le token HYPE d’Hyperliquid a fait exception : il a gagné environ 4 % pour se rapprocher de 84 dollars.

Le bitcoin reste proche de 78 000 dollars alors que la hausse du pétrole et des rendements du Trésor limite de nouveaux gains

Le bitcoin s’est stabilisé près de 78 000 dollars après avoir bondi de 24 % en août, porté par des prix du pétrole plus élevés et par la hausse des rendements des bons du Trésor américain, qui limitent de nouveaux gains.
CoinDesk a indiqué, le 1er septembre, que le bitcoin se négociait juste au-dessus de 78 400 dollars pendant les heures de la séance asiatique. Il a évolué entre 77 200 et 79 200 dollars au cours des dernières 24 heures, affichant une volatilité limitée. Le bitcoin a progressé de 24 % en août, sa plus forte hausse mensuelle depuis novembre 2024.
La plupart des principales cryptomonnaies alternatives étaient en baisse. L’éther s’échangeait légèrement au-dessus de 2 440 dollars, tandis que Solana a reculé d’environ 1 % vers les 104 dollars. Le XRP a changé de mains sous les 1,40 dollar, et le BNB s’est négocié autour de 693 dollars. Le token HYPE d’Hyperliquid a fait exception : il a gagné environ 4 % pour se rapprocher de 84 dollars.
Voir la traduction
US Spot-Bitcoin ETFs Take In $216.7 Million, Returning to Inflows After One SessionU.S. spot-Bitcoin exchange-traded funds drew more than $200 million in net inflows after just one trading day. Farside Investors data released on September 1 showed U.S. spot-Bitcoin ETFs recorded combined net inflows of $216.7 million in the previous session. That marked a return to net inflows after one trading day of outflows. BlackRock’s IBIT led the gains with $205.9 million in inflows. Fidelity’s FBTC took in $6.9 million, while Bitwise’s BITB added $4.3 million. MSTB and Grayscale Bitcoin Mini Trust (BTC) posted net inflows of $3.6 million and $9.4 million, respectively. VanEck’s HODL, by contrast, had $13.4 million in outflows. The remaining products saw no net flows.

US Spot-Bitcoin ETFs Take In $216.7 Million, Returning to Inflows After One Session

U.S. spot-Bitcoin exchange-traded funds drew more than $200 million in net inflows after just one trading day.
Farside Investors data released on September 1 showed U.S. spot-Bitcoin ETFs recorded combined net inflows of $216.7 million in the previous session. That marked a return to net inflows after one trading day of outflows.
BlackRock’s IBIT led the gains with $205.9 million in inflows. Fidelity’s FBTC took in $6.9 million, while Bitwise’s BITB added $4.3 million.
MSTB and Grayscale Bitcoin Mini Trust (BTC) posted net inflows of $3.6 million and $9.4 million, respectively. VanEck’s HODL, by contrast, had $13.4 million in outflows. The remaining products saw no net flows.
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