Japan's Forex Reserves Slip Below $1 Trillion After Record Yen Intervention

Bitcoin

This is part of a broader trend of central banks diversifying away from US debt and using reserves for currency defense. It highlights the fragility of the current global monetary system, where intervention can have unintended cross-asset consequences. For crypto, it reinforces its role as a hedge against fiat debasement, but also exposes it to macro liquidity shocks.

Japan likely sold a portion of its foreign securities holdings, including US Treasuries, to finance its record currency intervention over the past month.

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