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The weakening Japanese yen could potentially lead to actions that drive up the price of bitcoin and other cryptocurrencies, according to former BitMEX CEO Arthur Hayes.
China may threaten to devalue the yuan if Japan doesn’t strengthen the yen, as a weaker yen makes Japanese exports more competitive against Chinese exports. These massive Fed dollar swaps would increase the supply of dollars globally, thereby weakening the dollar but allowing China to stimulate its economy without devaluing the yuan.
Hayes further went on to argue that this “easy button” solution of currency swaps avoids more painful actions like the Bank of Japan raising rates or the Fed enacting yield curve control overtly.
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