Bitcoin Unfazed as US-Japan Joint Intervention Supports Yen

A rare joint intervention by Washington and Tokyo to support the yen has left Bitcoin relatively unchanged in the past 24 hours, trading near $63,600.

The US-Japan action targeted the yen's recent weakness against the dollar, with Japan buying as much as $36.6 billion worth of its currency according to Bank of Japan data.

This move revived concerns about the carry trade, where investors borrow in Japan at a 1% policy rate and invest in higher-return assets.

Alvin Kan, Chief Operating Officer at Bitget Wallet, views the intervention as a check on disorderly trading rather than a lasting solution for the yen's decline.