Japan and the United States jointly intervened on the foreign exchange market to support the yen, an unprecedented coordinated operation since 2011. Tokyo finds itself caught between public debt exceeding 250% of GDP and a currency in free fall. The unwinding of the yen carry trade caused Bitcoin to plummet from $65,000 to below $49,000 in August 2024, a drop of nearly 17% in twenty-four hours. Metaplanet, the JPYC stablecoin, and the FSA’s 20% tax reform structure Japan’s crypto response to currency erosion.
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