Is Japan On Way To Become New Superpower Of Bitcoin Trading?
Bitcoin – Many people were having doubts over the accurance, as it was given that the BTC/CNY trades usually dwarfs even that of BTC/USD. The trading of the Japan were rarely registered on the volume charts of bitcoin in the past.
The Chief Financial Officer of BitFlyer Midori Kanemitsu says that all the volumes listed were real, but the zero fee competition and campaigns between the big exchanges in Japan boats the trading amount that took place.
Economics, Elections and Instability
The rise of bitcoin trading rise in due to the recent political and economic events. One of the main factors driving the trading activity in Japan could be elections of last week for the upper house of the national parliament, in which the incumbent government won and gains two thirds supermajority.
Apart from the popularity of government, Abenomics, an economic reform agenda has been called by the financial and economic experts as unsuccessful because the economy of the Japan continually resists the jump starting. The exports to the major markets such as China and United States have fallen more than 10% in the last year, whereas the inflation has reached to the negative figures. The growth of the GDP is currently 0.5% and projecting to fall further.
A super majority in the upper house was allowed the government on a separate to start a process for rewriting the constitution of the Japan. The removal of clauses such as banning Japanese military action outside the government has pledged by the government. The increasing volumes of Japan could affect the national obsession with the FX trading.
The Chief Executive Officer of major exchange Quoine Mike Kayamori says that a Japanese trading volume to be outstripped that of Chinese exchanges by him. He further added that the Japanese investment culture also angled towards the trading of currency than the funds or shares.