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BitMEX founder Arthur Hayes says the yen is weakening while Japanese government bond yields are rising, which could lead to Japanese investors selling US Treasuries.Bitcoin could break out of its “sideways funk” if the United States central bank attempts to support a failing Japanese bond market by printing money, according to BitMEX founder Arthur Hayes.
a theory on Wednesday about how the Federal Reserve “could be printing money to manipulate the yen and JGB markets.” Japan faces a dual crisis: the yen is weakening while Japanese government bond yields are rising simultaneously, signaling a potential“Will a meltdown of the yen and JGB markets cause some sort of money printing by the BOJ or the Fed? The answer is yes,” said Hayes. “This discussion of Japanese financial markets is important because for Bitcoin to exit its sideways funk, it needs a healthy dose of money printing.”by creating dollar reserves with banks like JPMorgan, selling dollars for yen — which strengthens the yen — then using yen to purchase JGBs, lowering Japanese bond yields.“This Fed intervention is just what the filthy fiat system needs to limp along a little longer.” How the Fed will print money to expand its balance sheet and intervene in the dollar-yen currency and JGB markets. Source:Hayes appears to be putting his money behind his theory and waiting for some movement from the central bank’s“Bitcoin fell as the yen strengthened against the dollar. I will not increase risk before I confirm the Fed is printing money to intervene in the yen and JGB markets,” he said.The greenback has slid 10% over the past year, but US President Donald Trump still maintained it was “doing great” at a speech in Iowa on Tuesday. “I mean, the value of the dollar, look at the business we’re doing. No, the dollar is doing great. You know it’s very interesting, if you look at China or Japan, I used to fight like hell with them because they always wanted to devalue their yen ... you know that, the yen and yuan, and they’d always want to devalue it,” he said, “They devalue, devalue, devalue. And I said, ‘not fair.’ They devalue, because it’s hard to compete when they devalue.”Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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