The decline in value of the Japanese Yen has been remarkable:

Gold prices in Yen are up to a record ¥712,000 per ounce.

Since the start of 2025, gold prices denominated in the Japanese currency have risen +72%.

Gold prices in Yen terms have skyrocketed +364% since the 2020 pandemic low.

This comes as the Yen continues to weaken as Japan’s interest rates remain far below those in the US and Europe.

The country also faces the heaviest public-debt burden among developed economies, with debt-to-GDP at ~230%.

And, Japan's deficit spending is set to rise further after the government approved a record $780 billion budget for FY2026.

Gold remains one of the best hedges against currency debasement.

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