#数字资产市场动态 $BTC $ETH

Global Monetary Policy Under Currents: Can Yen Depreciation Trigger a Chain Reaction in the Crypto Market?

Recently, U.S. and Japanese financial officials held an emergency meeting, with the U.S. taking a firm stance and clearly expressing their position on sharp exchange rate fluctuations. The yen fell to an 18-month low earlier this week, prompting the Bank of Japan to hint at possible market intervention, after which the yen rebounded—this series of actions warrants in-depth analysis.

The root of the issue is not complicated. The Bank of Japan only raised its benchmark interest rate to 0.75% last month, struggling to keep pace within the global rate hike cycle. The U.S. has been pressuring Japan to accelerate policy adjustments, but the cautious attitude of the Bank of Japan has led markets to expect a relatively moderate rate hike path. As a result, the yen remains under continuous pressure.

On the surface, yen depreciation is good news for exporters—goods priced in dollars become cheaper, boosting competitiveness. However, ordinary Japanese consumers are not faring well. The cost of imported goods is rising, from food to energy, with prices trending upward. Under these circumstances, domestic demand can easily be suppressed.

The current question shifts to a broader level: will Japan adopt more aggressive intervention measures? Have global central bank policies reached a turning point? For the cryptocurrency market, macro liquidity tightening and sharp exchange rate fluctuations usually increase market volatility. As an important arbitrage financing currency, the yen's movements often reflect changes in global risk appetite in advance.

What are your thoughts? Is this wave of yen depreciation a short-term fluctuation or a trend reversal? How will it influence the price trends of global assets like Bitcoin and Ethereum?