The Japan Times - Markets mixed as bitcoin hits new high

Bitcoin hit a new peak during early Asian trading, with the cryptocurrency briefly exceeding $124,500 before retreating, driven by favourable US legislation and a rise in US equities.

"The crypto market is enjoying a period of highly favorable fundamentals," said Samer Hasn, senior market analyst at XS.com.

Hopes of a US interest rate cut after soft inflation data pushed Tokyo's Nikkei to its second record close in as many days on Wednesday, but on Thursday the index closed down 1.45 percent.

Hong Kong and Taipei also fell while Seoul edged up. London, Frankfurt and Paris were all higher in early trade.

With US President Donald Trump calling on the US Federal Reserve to cut rates, his Treasury Secretary Scott Bessent pressured the Bank of Japan governor to lift borrowing costs.

Despite inflation being above its target, the BoJ has been holding off raising borrowing costs, seeing price rises as caused by temporary factors and not by strong demand or wage growth.

"The Japanese have an inflation problem...   They are behind the curve so they are going to be hiking," Bessent told Bloomberg TV.

Investors were also eyeing talks on Friday between Trump and Russian counterpart Vladimir Putin on ending the more than three-year war in Ukraine.

- Key figures at around 0715 GMT -

Tokyo - Nikkei 225: DOWN 1.5 percent at 42,649.26

Hong Kong - Hang Seng Index: DOWN 0.5 percent at 25,489.59

Shanghai - Composite: DOWN 0.5 percent at 3,666.44

London - FTSE 100: UP 0.1 percent at 9,165.23

Euro/dollar: DOWN at $1.1679 from $1.1704 on Wednesday

Pound/dollar: UP at $1.3581 from $1.3577

Dollar/yen: DOWN at 146.46 yen from 147.40 yen

Euro/pound: DOWN at 85.99 pence from 86.21 pence

West Texas Intermediate: UP 0.7 percent at $63.07 per barrel

Brent North Sea Crude: UP 0.6 percent at $66.04 per barrel

New York - Dow: UP 1.0 percent at 44,922.27 (close)

K.Yoshida--JT