The United States and Japan conducted their first coordinated foreign exchange intervention since 2011 to support the yen, which had reached 40-year lows around 163-164 against the dollar. This combined action represented approximately $53-59 billion in yen purchases. The yen’s collapse was driven by a widening gap between US and Japanese interest rates. Both countries signaled readiness for continued intervention if needed. For crypto markets, this intervention implies elevated macro sensitivity, where a single headline from Tokyo or Washington could move Bitcoin more than any on-chain metric.
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