[QCP Group: US-Japan Joint Intervention in Forex Market May Impact Crypto Asset Liquidity] QCP Group reports that the US Treasury, through the New York Federal Reserve, jointly intervened with Japan's Ministry of Finance to purchase yen, marking the first US-Japan joint forex intervention since 1998. The US 30-year Treasury yield briefly rose to approximately 5.27% before retreating to 5.24%. QCP noted that the rapid appreciation of the yen could force investors holding yen-funded positions to deleverage and repurchase yen, potentially impacting risk assets like BTC and ETH, echoing the market turbulence triggered by the unwinding of carry trades in August 2024. QCP advises that macro monitoring should include the USD/JPY exchange rate, Japanese funding costs, and US long-term Treasury yields.