Bitcoin, gold trim early losses as yen gives up gains. Oil stays near $100

The risk-off tone had strengthened in early Asian trading as the yen climbed to 156.07 per U.S. dollar, its highest level since Sept. 18. Hotter-than-expected Japanese inflation data reinforced expectations of further Bank of Japan rate hikes, boosting the currency alongside a haven bid driven by AI-related jitters.

Yen moves often ripple through global markets because the currency has long been used to fund risk-on carry trades.

Those yen gains proved fleeting, however, with the currency quickly falling back toward 157 per U.S. dollar.

Whether the risk reset lasts may also depend on oil. WTI futures traded near $100, even after U.S. President Donald Trump invoked a Cold War-era law aimed at boosting fuel production. The move has yet to materially cool oil prices.

A sustained rise in oil could fuel global inflation and weigh on risk assets. Besides, a consistent demand for spot bitcoin ETFs is lacking for a steep price rally to materialize. On Thursday, these U.S.-listed funds lost $381 million in outflows, according to preliminary data from SoSoValue.