The Japanese yen continued its strong surge against the U.S. dollar as investors embraced its role as a safe-haven asset.

The USD/JPY exchange rate plunged to 139.92 on Tuesday, its lowest level since September last year and 11.5% below its highest point in 2024.

This decline aligns with the broader weakness of the U.S. dollar and a surge in other developed-world currencies such as the euro, British pound, and Swiss franc. The US dollar Index, a popular gauge that weighs its performance against a basket of currencies, fell to $98, its lowest point since April 2022.

The ongoing yen rally is having significant ripple effects on equities, Bitcoin, and altcoins. In an X post, BitMEX co-founder Arthur Hayes noted that this performance will push leveraged traders to unwind positions in U.S. …