Bitcoin’s (BTC) valuation in yen nosedived approximately 15% on Tokyo’s bitFlyer exchange, eclipsing its 11% decline in dollar terms observed on Western exchanges.

On bitFlyer, trading volumes skyrocketed by 241% over the last 24 hours, surpassing $220 million, as per Coingecko’s data.

The more pronounced decline in yen terms can be attributed to the Japanese yen’s sharp appreciation in the forex markets. Japan’s recent 0.25% interest rate hike bolstered the yen, precipitating a sell-off across risk-laden assets, including Bitcoin.

The downturn intensified with Tokyo’s market opening on Monday, resulting in a regional market rout. Japan’s Topix 100 index experienced its worst session since 2011, while the Nikkei 225 index plummeted by 12.4%. Concurrently, crypto futures traders endured their harshest day since March, with liquidations in crypto-tracked futures surpassing the $1 billion mark in the past day.

The yen has surged nearly 10% against the USD over three weeks, marking a significant rise for the world’s third-largest reserve currency, often favored by.