Japan's newly elected Prime Minister Sanae Takaichi may bring new political momentum to risk assets, including cryptocurrencies, as her victory propelled the country's benchmark Nikkei index to a historic high.
According to TradingView data, the Nikkei index rose 4.75% on Monday, closing at a historic high of 47,734.04 points. This surge followed Takaichi's election on Saturday, and she will take office on October 15, becoming Japan's first female Prime Minister.
Takaichi is widely regarded as pro-growth, supporting low interest rates, tax cuts, and large-scale economic stimulus. Her stance has been well-received by voters in the face of a weak yen. During her campaign, she was the only candidate to propose significant spending plans alongside an accommodative monetary policy.
Although Takaichi has not yet made a statement on Bitcoin (BTC), she has shown an innovation-friendly stance towards cryptocurrencies during her tenure as Minister of Internal Affairs and Communications.
In 2019, she supported the legality of cryptocurrency donations to individual politicians, stating that under Japan's Political Funds Control Act, cryptocurrency donations are not subject to the same disclosure requirements as cash or securities donations.
Meanwhile, against the backdrop of the U.S. government shutting down for the first time since 2018, traders are increasingly seeking value storage outside the dollar, leading to a significant influx of funds into gold and Bitcoin.
Bitcoin reached a historic high of over $125,700 on Sunday, with analysts noting that this was aided by macroeconomic tailwinds, including the U.S. government shutdown.
According to Charles d'Haussy, CEO of the dYdX Foundation, a nonprofit behind the decentralized trading protocol dYdX, Takaichi's election could lead to a resurgence in demand for digital assets among Japanese investors:
"Beyond the market, her 'supportive regulatory approach' could bring more regulatory clarity and stimulate the adoption of digital assets in the country," d'Haussy added.
Before the election, Japanese regulators had been exploring a more crypto-friendly framework as part of former Prime Minister Fumio Kishida's "New Capitalism" strategy aimed at stimulating Japan's investment environment.
According to Cointelegraph, in June, the Financial Services Agency (FSA) of Japan proposed a significant reclassification of cryptocurrencies, paving the way for the launch of cryptocurrency exchange-traded funds (ETFs) and imposing a 20% tax on digital asset income in the country.
The proposal suggests classifying cryptocurrencies as "financial products" under the Financial Instruments and Exchange Act (FIEA), which aligns with the regulatory framework governing securities and traditional financial products.
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Original article: “Japan's New Prime Minister Sanae Takaichi May Benefit Crypto Market and Risk Assets”
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