**[Arthur Hayes: U.S. and Japan Join Forces to Manipulate Exchange Rates, Printing Money May Trigger a Significant Bitcoin Surge]** BitMEX co-founder Arthur Hayes published an article titled *"Yen Earthquake"*, pointing out that U.S. Treasury Secretary Janet Yellen plans to restart the money printer by manipulating the USD/JPY exchange rate, which could drive a significant surge in Bitcoin. Hayes believes the Japanese yen is the most undervalued currency globally, and there are three ways to resolve the yen's predicament: aggressive interest rate hikes by the Bank of Japan, the Japanese government pushing public institutions to sell foreign assets, or the preferred option—Japan's Ministry of Finance repurchasing U.S. Treasuries held at the Federal Reserve in exchange for dollars, then selling dollars to buy yen. Hayes noted that the U.S. and Japan conducted a joint exchange rate intervention two weeks ago, and Yellen explicitly stated her desire for the Federal Reserve to raise the counterparty limit on the FIMA repo facility. The Japanese government and GPIF collectively hold approximately $1.37 trillion in U.S. Treasuries. Essentially, this plan involves the Federal Reserve printing money, which would lead to a surge in dollar liquidity, positively correlating with Bitcoin prices.