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🚨 US-Japan yen intervention is bigger than an FX story. For years, cheap yen funded purchases of US stocks, bonds, gold, and BTC through the carry trade. A stronger yen threatens that liquidity engine. If the yen keeps rising: • Risk assets could face deleveraging pressure • Tech stocks and leveraged trades become vulnerable • Japanese exporters may struggle • Global liquidity could tighten The key risk isn't the dollar—it's the unwinding of positions built on cheap yen funding. Watch the yen. If it strengthens while risk assets weaken, the carry trade unwind may be underway. #USDJPY #JPY #Macro #BTC