The Federal Reserve may have to personally sell dollars to save the yen. The last time the Federal Reserve intervened in the foreign exchange market was in 2011, once every fifteen years. I think this may be the most underestimated macro trading signal of 2026. Last Friday, the New York Federal Reserve suddenly called on major financial institutions, Inquire about the Japanese yen exchange rate, This is basically the standard action before intervention. Why save the Japanese yen? The red line is when the Japanese yen falls to 160. If it falls further, Japan is forced to increase interest rates and maintain exchange rates, Japan's treasury bond collapses, and the world's largest holder of US debt is forced to sell US debt. The yield of US debt soared, and the US itself suffered. So this is not a problem for Japan, it's a problem for the United States. In history, Japan's individual intervention has been ineffective Intervention in 2022, failed 2024 intervention, short-term effectiveness but quick rebound But the 1998 Asian financial crisis taught us that joint intervention by the United States and Japan would yield immediate results. So if the Federal Reserve really ends up selling US dollars and buying Japanese yen, the US dollar weakens, global liquidity increases, and risky assets take off. What impact does it have on the cryptocurrency industry and the US stock market? Let's discuss this matter on two levels. In terms of short-term risk, the strengthening of the yen will trigger the liquidation of carry trades, forcing Japanese retail investors and institutions to sell US stocks and BTC to replenish their yen positions. This wave of selling pressure may be in the coming weeks. However, please rest assured that the medium to long term is still a favorable cycle. After the US dollar enters a depreciation cycle, assets denominated in US dollars will passively appreciate. The surge in BTC from 4000 to 69000 in 2020 is essentially a reflection of the depreciation of the US dollar. My personal judgment is to fasten your seat belt in the short term and not use leverage. But if your position is not heavy, this may be the best opportunity to get on board in 2026. The script of the Federal Reserve personally releasing water only comes once in many years. Everyone, please sit firmly and support yourself.