Arthur Hayes: US Japan joint intervention in exchange rate will restart money printing, driving Bitcoin up

Arthur Hayes, co-founder of BitMEX, stated in his article "The Japanese Yen Earthquake" that US Treasury Secretary Bessent plans to restart the printing press by manipulating the USD/JPY exchange rate, which will drive up the price of Bitcoin. Arthur Hayes believes that the Japanese Ministry of Finance's preferred option is to repurchase US bonds at the Federal Reserve in exchange for US dollars, and then sell US dollars to buy Japanese yen. Two weeks ago, the United States and Japan conducted a joint exchange rate intervention, and Besent hopes that the Federal Reserve will increase the counterparty limit of the FIMA repurchase tool. The Japanese government and GPIF jointly hold approximately $1.37 trillion in US Treasury bonds, and this plan essentially involves the Federal Reserve printing money, which will lead to a surge in US dollar liquidity and a positive correlation with Bitcoin prices.