Rephrase and rearrange the whole content into a news article of 350 words. Make sure whole content is in narrative style with h2 and h3 headings and there is no plagiarism involved compare with the following article:
On February 5, Bitcoin hit a record high of 7.9 million yen on the Tokyo-based bitFLYER exchange, while its dollar price hovered around $52,000, significantly below its November 2021 peak. This stark contrast reflects the relative weakness of the yen, fueled by Japan’s unique economic situation.
The Bank of Japan’s (BOJ) ultra-dovish policies, maintaining near-zero interest rates and ongoing quantitative easing, stand in stark contrast to the hawkish stances of other central banks battling inflation. This has resulted in a depreciating yen, down 13% and 7.5% against the dollar last year and further declining in 2023.
With core inflation hitting a 41-year high of 3.1%, and the economy slipping into recession, Japanese investors are seeking havens beyond their weakening currency. Bitcoin, often dubbed “digital gold,” emerges as a compelling alternative, attracting investment and driving its price in yen terms to record highs.
This trend could continue unless the BOJ accelerates its planned exit from its ultra-loose monetary policy. The combination of legal clarity for digital assets in Japan and persistent fiat currency volatility further strengthens the case for alternative assets like Bitcoin, potentially fostering their growth in the region.
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