Japan’s Metaplanet adopts bitcoin as reserve asset amid yen slump

The Tokyo-listed company has adopted bitcoin as its treasury reserve asset in response to mounting government debts and weakening yen.

Metaplanet Inc., a Tokyo-listed crypto investment and consulting firm, has adopted bitcoin as its strategic treasury reserve asset in response to the persistent economic adversity in Japan.

Japan has been experiencing economic difficulties, currently holding the highest government debt-to-GDP ratio among developed countries at 254.6%, according to the International Monetary Fund. This has contributed to the Japanese yen plunging to its lowest level in 34 years last month despite the government’s decision in March to raise interest rates, Reuters reported.

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