Analysis: As the Nikkei index plummeted, trading volume on the Japanese cryptocurrency exchange Bitflyer surged by 200%.

PANews reported on March 9th that, according to CoinDesk, trading volume surged at Tokyo-based cryptocurrency exchange Bitflyer as the Nikkei index in Japan plummeted. CoinGecko data shows that Bitflyer's 24-hour trading volume increased by 200%, far exceeding Coinbase's 112% and Binance's 75%. Meanwhile, South Korean exchanges Upbit rose 27.1% and Bithumb rose 49%.

Asian trading data showed that Bitcoin rose approximately 2.05% against the Japanese yen, outperforming the 1.86% gain against the US dollar and the 1.64% gain against the South Korean won. This reflects both the weakening yen and a surge in trading activity in Japan. Japanese stocks fell approximately 6.5% on Monday, while the South Korean KOSPI index dropped about 8%, triggering a circuit breaker. Analysts pointed out that the South Korean market reacted more strongly to oil price shocks due to its heavy reliance on imported energy, with about 70% of its crude oil coming from the Middle East. While Japanese stocks also fell sharply, their more diversified portfolio and relative resilience explained why cryptocurrency trading in Japan surged despite the stock market decline.