[Arthur Hayes: If the Federal Reserve expands its balance sheet to stabilize the yen and Japanese treasury bond bonds, it will benefit risk assets such as Bitcoin] Odaily Planet Daily News Arthur Hayes, the co-founder of BitMEX, said in the latest article that the continuous depreciation of the yen and the decline in the price of Japanese treasury bond bonds are causing a "strange sound" in the global financial market. He believes that the Federal Reserve and the US Treasury Department may be forced to join hands to directly intervene in the yen exchange rate and the Japanese treasury bond market by expanding the balance sheet, thus injecting new liquidity into the global legal currency system. Arthur Hayes reasoned that the potential path might include: the New York Federal Reserve creates dollar reserves, instructs JPMorgan Chase and other primary dealers to sell dollars and buy yen in the foreign exchange market to support the exchange rate, and allocates some funds to Japanese treasury bond to lower yields. This will lead to an increase in the scale of "foreign currency denominated assets" in the balance sheet of the Federal Reserve, which is essentially equivalent to accepting the risk of yen exchange rate and Japanese treasury bond bond interest rate through "printing money". He pointed out that the core goal of such operations is to stabilize the yen, curb the upward trend of Japanese treasury bond bond yields, prevent Japanese funds from selling US bonds on a large scale and returning to China, so as to avoid the uncontrolled rise of US bond yields and improve the export competitiveness of the United States to a certain extent. At the same time, global US dollar liquidity will increase, and currency exchange rates such as the euro and renminbi may also passively strengthen. Arthur Hayes emphasized that this "disguised expansion" behavior, which is not traditional QE, may ultimately create medium - to long-term benefits for risk assets, including Bitcoin. At the transaction level, he said that the rapid strengthening of the yen is usually a signal that risky assets are under pressure. Therefore, he would not increase risk exposure hastily until he confirmed that the Federal Reserve has officially intervened in the yen and Japanese treasury bond market through expanding the balance sheet. He revealed that he has temporarily closed out high leverage Bitcoin related targets such as Strategy and Metaplanet; If the judgment is verified, they will re-enter. During the waiting period for policy clarification, its fund Maelstrom will continue to increase its holdings in Zcash, while its holdings in other high-quality DeFi tokens remain unchanged; Once the Federal Reserve confirms its expansion intervention, it will consider adding positions in DeFi assets such as ENA, ETHFI, PENDLE, and LDO.