US Intervenes to Support Japan's Yen, Raising Hopes for Bitcoin
The United States has intervened in the foreign exchange market to support Japan's yen for the first time since 1998. The Bank of Japan, U.S. Treasury, and Japan's Ministry of Finance are collaborating to purchase Japanese yen and sell U.S dollars.
This move aims to raise demand for the yen and lower the USD/JPY exchange rate. President Trump stated that 'they wanted a little bit of help' and that 'our country is doing great.'
The USD/JPY exchange rate's impact on Bitcoin may be significant, as a steady hike could support riskier assets like Bitcoin [BTC] and increase global liquidity.