Japan's 10-yen coin, made of roughly 95% copper, now commands about 10.4 yen in metal value, overtaking its nominal worth. Benchmark pricing from JX Advanced Metals, Mitsui Kinzoku and Mitsubishi Materials shows the copper‑rich alloy has risen sharply as AI‑driven demand lifts global copper prices.

Domestic copper benchmarks jumped 56% year‑to‑date, prompting JX Metals, Mitsubishi Materials and Marubeni to band together on concentrate procurement. The alliance reflects Japan's reliance on imported copper concentrate and the metal's growing role in AI data‑center hardware. Analysts at Citigroup warn the rally could extend further if AI projects maintain momentum.

The price surge has sparked a wave of copper theft, with thieves targeting water meters that contain copper alloys. Incidents span major cities, where hundreds of meters have been stolen for resale. The episode underscores how commodity spikes can ripple into unrelated sectors, turning everyday objects into lucrative targets.