Last night, U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki held an emergency meeting, sending a rather strong signal. The U.S. side was frank: the formulation and communication of monetary policy need to be cautious, and excessive exchange rate fluctuations are unacceptable. Once this statement was made, global markets immediately sounded the alarm.

Currently, the Japanese yen is caught in a delicate dilemma. It fell to an 18-month low earlier this week, prompting Japanese authorities to issue verbal intervention warnings, stating that no policy options are off the table. Subsequently, the yen mysteriously rebounded, but is this really the end? The U.S. has repeatedly stated that Japan should accelerate interest rate hikes to address the devaluation issue. The Bank of Japan just raised interest rates from 0.5% to 0.75% last month, and the inflation target seems to be approaching, yet criticism continues— is the slow pace of rate hikes truly the main cause of the yen's weakness?

On the other side of the exchange rate battlefield: although yen depreciation has stimulated exports, the cost of imported goods has soared, significantly increasing the living pressure on ordinary households. Who will ultimately win this grand chess game?

There are also several key uncertainties: Will Japan suddenly intervene in the currency market? When will the turning point of global monetary policy arrive? Is there a risk of restructuring market liquidity? How will these changes ultimately impact your asset allocation—whether in traditional finance or cryptocurrencies—it's worth thinking about in advance. What’s your view on how the yen depreciation storm will reshape the global investment landscape?